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New Mortgage Defaults Up In March

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(Sacramento, CA)
Thursday, April 12, 2012

Daren Blomquist with foreclosure listing service RealtyTrac says the number of California homes receiving first-time foreclosure notices rose 14% percent in March from the previous month.

"…and March was actually the second straight-month where we've seen an increase in those new default notices. It's not going to be this overwhelming flood of foreclosures hitting. But we're going to see these batches of foreclosures coming through. We're not totally out of the woods yet."

Blomquist says those batches reflect stepped-up efforts by banks to take action against homeowners who fail to keep up with mortgage payments.

For the first-quarter of 2012, Stockton had the highest foreclosure rate in the nation with 3,900 properties receiving foreclosure filings.

Sacramento had the country's sixth-highest rate.


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