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Foreclosures Down In California, Up In Nevada

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(Sacramento, CA)
Thursday, April 11, 2013

At number 11, California finally dropped out of the top ten In March. RealtyTrac's Daren Blomquist says that's a milestone.

"This is one of the few times I've seen over the last seven years, if not maybe the first time, it's not been in the top ten."

Blomquist says there were more than 18,000 properties with foreclosure filings in March, a nearly 60% drop from a year ago and about 3% lower than February.
He says the numbers are going down for three reasons: the state has already dealt with bad loans issued during the housing bubble; the housing market is getting better; and California's recently enacted Homeowner's Bill of Rights has put stricter guidelines on lenders.
But Blomquist predicts lenders will be issuing more foreclosure notices once they adjust to those new guidelines… 
"It's not going to be an overwhelming flood of foreclosures that hits but we are going to see an uptick, I believe, near the end of this year, early next year."

RealtyTrac figures show the number of Nevada properties entering the first stage of the foreclosure process has almost doubled compared with a year earlier.

Nearly 2,200 homes received an initial notice of default in March…up 88% compared with the same time a year ago, marking an 18-month high.

Blomquist says Reno numbers are even worse.

He says Nevada's foreclosure prevention efforts passed in 2011 are wearing off.

"In Reno, the foreclosure starts there were up 100% year-over-year in March. Out of the last six months that was the fifth month with an increase in foreclosure starts there in Reno. So I think we probably will see a similar pattern in California down the road with a catch-up spike in foreclosure activity."

Blomquist says that's because California started its own foreclosure prevention effort - The Homeowner's Bill of Rights - earlier this year…and lenders are still adjusting to it.  

Nevada's foreclosure rate ranks first in the nation.

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