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RealtyTrac: Foreclosures Continue To Decrease

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(Sacramento, CA)
Thursday, November 15, 2012

California Foreclosure activity in October fell 5% from September. And it was down 35% from a year ago…the largest drop in more than a year-and-a-half.

"The last time we saw a bigger decrease, or actually the same decrease, was in March 2011."

Daren Blomquist is with RealtyTrac…the foreclosure listing service that released the numbers.
Blomquist says that 35% decrease continues a downward trend they've been charting for nearly three years now.
But California still has the 4th highest foreclosure rate in the country.
"It just takes time to come off these highs even with the decreases. But to put it in perspective, if we look back at 2005 before the foreclosure crisis really hit in full force the average number of properties with foreclosure filings was just over 5,000. "
Last month, just over 36,000 California properties got a foreclosure filing.
Sacramento had the nation's 15th highest foreclosure rate in October with just over 3,000 properties receiving a foreclosure filing. That was a 2% drop from September and it was down nearly 40% year-over-year. 
Blomquist says some other California cities were not as fortunate.   
"There's some strange and maybe a little bit of a concern in some of the metro areas of California, unlike Sacramento. We saw a sharp, at least month-over-month, increase in foreclosure activity in places like Modesto there was a 68% September to October increase."
Chico saw a 126% month-over-month increase in October. He says it could be a one-month phenomenon. But if it continues, Blomquist says it could be a sign that lenders are pushing through another batch of foreclosures.
Meanwhile, the trend of decreasing home foreclosure rates in Nevada, because of a state law requiring lenders to file more paperwork, may be ending. Nevada saw big spikes in home foreclosure activity in October.
A 40% monthly increase helped push the state's foreclosure rate to the second highest in the nation. In September, Nevada had the fifth highest rate.  
Blomquist says in Reno, there were just over 300 foreclosure filings last month.
"That was up 34% from the previous month. So the lenders may be starting to finally adjust to this new law and push through more of the foreclosures. I do expect it to continue because it's the pattern we usually see with this type of legislation - it does temporarily slow down foreclosures but eventually the lenders are able to catch up."


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