Report: Foreclosure Sales Continue To Fall
Thursday, February 28, 2013
Fewer foreclosed homes are selling in California, according to a new study out today.
Research firm RealtyTrac says last year California posted fewer sales of distressed homes.
"…particularly properties in some stage of foreclosure."
RealtyTrac's Daren Blomquist says there were 235,000 foreclosure-related sales during the year…representing 38% of all sales in California.
"…but that was down from 44% of all sales in 2011, it was down from 49% of all sales back in 2010."
Despite those decreases, California still had the highest percentage of foreclosure sales of any other state in the country.
"But I think with the new Homeowner's Bill of Rights that we saw take effect in January in California, it's going to shift the way that the banks are dealing with their distressed loans and their portfolios."
That "shift" Blomquist says will be to increase the number of short sales in order to avoid the prolonged process of foreclosing on homes.
In Sacramento, about 22,000 properties sold as "foreclosures" in 2012.
"…and that was down 12% from 2011 but it was still 43% of all sales - so still a high percentage of sales."
Blomquist says the average sales price in the Sacramento area last year was just over $163,000, up 3% from the previous year.
Meanwhile, Blomquist says Stockton posted a 15% decrease in foreclosure sales.
"…but in Stockton, still over 50%...52% of all sales…we're showing are in some stage of foreclosure so it's still a persistent problem despite the decrease there."
Blomquist says in Stockton the average price of a foreclosure has gone up 5% over the last year.