Sacramento Real Estate Views

2008 Foreclosure Report

U.S. Foreclosures Increase 81% from 2007

RealtyTrac.com, the leading online resource for foreclosures nationwide, release a report citing the foreclosure rate increased 81% in 2008 over 2007.  This isn’t much of a surprise and the decline got a head of steam in 2008.  By anyone’s estimation, however, 81% is an enormous number.

Over 2.3 million properties received a foreclosure filing nationwide. Here in California, over 500,000 homes received a NOD or notice of default, the first step in the foreclosure process signifying that a homeowner is at least 60 days late on their mortgage, typically.

The Sacramento Region

I’ve heard from various sources that it’s going to get worse before it gets better.  The state legislation that I’ve talked about ad nauseum has done nothing more than delay the process in our area thus resulting in a 34.8% increase in foreclosures in the month of December over November of 2008.

As the economy and the unemployment situation worsens, the foreclosure rate in the area may continue to increase through 2009.  So far, there are no signs from Washington of any more intervention that could further delay the process.  If they focus on the economy, the rest will follow suit, in my humble opinion.

Total foreclosures for the month of December were 5,150 in Sacramento County alone.  This isn’t the highest month of foreclosures in 2008 but it’s right up there.  The second quarter of 2008 was especially bad.

We’ll keep you posted.  Thanks for visiting.

(The chart represents cities with 100 foreclosures or more)

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Tags: sacramento foreclosed homes, sacramento real estate

This entry was posted on Monday, January 26th, 2009 at 6:00 pm and is filed under Foreclosure Statistics, Real Estate Market Commentary. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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