But RealtyTrac’s Daren Blomquist says the numbers don’t necessarily mean fewer homeowners are in distress or at-risk of foreclosure.
“I mean if you look at the delinquency numbers put out by the Mortgage Banker’s Association which measures people who are behind on their mortgage payments, that’s still at record levels. So there’s this huge pool of people who are at risk for foreclosure. And so we’re very cautious about saying ‘we’re out of the woods.’”
Blomquist credits foreclosure prevention programs and other processing delays for capping monthly foreclosure activity.
Meanwhile, Stockton saw a whopping 42% year-over-year decrease in foreclosures last month…and Sacramento experienced an 11%.