Foreclosures Down But Still Abundant
By
Steve Milne
Thursday, December 6, 2012
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Foreclosure related home sales are down in California. But the state still has the second highest percentage in the United States.
Foreclosure listing service RealtyTrac says California is flanked by Georgia and Arizona when it comes to posting the country's highest percentage of foreclosure sales.
RealtyTrac's Daren Blomquist says 36% of all residential sales in California during the third-quarter were foreclosure-related.
"Despite a decrease in the raw counts of foreclosure sales in California, down 12% from a year ago, we still see a persistently high percentage of sales that are occurring are in some stage of foreclosure."
Just a couple of years ago, about half of all homes sold were
foreclosures.
"We're down from that but still this 36% of all sales is
well above what you'd expect to see in a normal, healthy market.
Really, honestly you'd expect to see less than 5% of all sales be
foreclosure related."
Blomquist says non-foreclosure short-sales in California went
up by 20% on a year-over-year basis.
Several Northern California cities still lead the country in
sales of foreclosure-related homes.
"Modesto has the highest with…and it still have over 50% of
its sales foreclosure related - 54%...Stockton is number two with
53%...you also have Sacramento in there with 40% of all sales in
the third-quarter were foreclosure related."
…that puts Sacramento at number four on the list of metro
areas nationwide with the highest foreclosure-related sales.