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Stockton Foreclosures Down But Still Nation's Highest

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(Sacramento, CA)
Thursday, May 17, 2012

RealtyTrac's Daren Blomquist says both Sacramento and Stockton followed the national trend of fewer properties entering the foreclosure process last month.

But Stockton still had the country's highest foreclosure rate with one-in-every 217 housing units receiving a foreclosure notice…

"It was actually about 2.5 times the national average…although the numbers are coming down. It's almost kind of frustrating that we've seen such decreases but the foreclosure rates are ranked so high but it does continue to be there at number one."

Sacramento had the 10th highest foreclosure rate in the U.S. last month.

"In Sacramento we saw about 3,100 properties with foreclosure filings during the month. That was down 27% from the previous month and it was down 39% year-over-year."

Despite those declining percentages, Blomquist says Sacramento and Stockton continue to have high foreclosure rates because the housing boom…and bust…was so severe in the region.

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