April Foreclosure Update
May 21st, 2009 categories: Home Sales Reports, Sacramento Foreclosure Statistics
Foreclosures Increase
According the RealtyTrac.com, leading foreclosure information website, foreclosures in California continue to be high although there has been a decrease of 10% from April to March. That said, California still has the third highest foreclosure rate in the country with 1 in every 138 homes receiving a foreclosure notice in the month of April. The total foreclosure activity is up 42% in the state over April of 2008.
Most Activity in the Initial Stages
RealtyTrac.com reports that the majority of the activity is in the initial stages of the foreclosure process due to the legislative and lender imposed moritoria that have been in place in one way or another since September of 2008.
California’s latest extension of the moritorium ends, supposedly, on May 23.
Sacramento County Foreclosures
Sacramento county continues to get pummeled by the economy and housing is continuing to take a hit. While sales are up and inventory is down, for the time being, the foreclosure rate has increased locally in April.
As the diagram indicates, 9 cities in Sacramento county had 100 or more foreclosure filings in the month of April. Orangevale had 98 and the remaining 9 cities all had over 100.
Other cities with filings include: Fair Oaks 98, Rio Linda 74, Sloughhouse 26, Wilton 21, Elverta 18, Mather 16, Herald 4, Walnut Grove 4, Isleton 2 and Courtland 1.
From the initial filing, it still can take a couple months for these properties to come on the market, if they aren’t sold at auction or in a bulk sale. This ensures that we’ll have plenty of homes for sale in the region for quite a while to come.
Looking for an experience REO/banked owned home sales agent? If so, please call and I’d be happy to help you get a great deal on a bank owned home.
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