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Mixed Foreclosure Numbers In May

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(Sacramento, CA)
Thursday, June 14, 2012

More than 42,000 California properties received foreclosure notices in May - down 19% from May of 2011. But that was an 8% increase from the previous month...after five-straight months of decreasing activity.

Daren Blomquist with the foreclosure listing firm RealtyTrac says the increase was driven by a bump up in "default notices" - the first step in the foreclosure process.

"Which could be an indication that we're going to see another little wave of foreclosures making their way through the process in California in the coming months."

Blomquist says many of the properties getting "default notices" won't be repossessed.

"Many of them will actually be pushed into a short-sale. In California in the first-quarter we saw more than 34,000 of those pre-foreclosure sales during the three-month period that was a 35% increase from a year ago."

Blomquist says homes sold via a short sale sell at a higher average price point than bank-owned homes.

In Sacramento, foreclosure activity in May decreased 23% from May of 2011 - the sixth straight month with year-over-year decreases. But foreclosure starts increased 6% from a year ago.

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