RealtyTrac's Daren Blomquist says California saw an 18% year-over-year spike in foreclosure starts or "notices of default" in June. The increase came after a lull.
"…which may have led some people to believe that we were done with the foreclosure problem. But that actually pushed the foreclosure rate in California to highest in the nation for the month of June."
It was the first month California's foreclosure rate ranked
number one since RealtyTrac began issuing its report in January
of 2005.
Blomquist says the so-called "Homeowner Bill of Rights" signed
into law by Governor Jerry Brown yesterday may help reduce
foreclosure rates.
"I think this law will make it less likely that banks are
going to repossess a property through foreclosure and more likely
that they, as an alternative they'll agree to a
short-sale."
Looking at mid-year data, Blomquist says California posted the
nation's fourth highest state foreclosure rate in the first half of
2012 behind Nevada, Arizona and Georgia.
