“That was a 17% increase from the previous six-months and so that’s why we’re seeing that jump there is that rebound following that legislation.”'
That legislation Blomquist is talking about is a Nevada foreclosure prevention law that recently expired…prompting foreclosure activity to bounce back. He says Reno “foreclosure starts” hit a 20-month high in May.
Blomquist says the Stockton and Sacramento areas saw fewer homes repossessed by banks during the first half of 2013.
“None of the California cities are in the top ten in terms of foreclosure rates for the first half of the year. Stockton was the highest of any California city at number 17 in terms of its foreclosure rate. And Sacramento really slipped down – is at number 57 for the first six-months of the year.”
Blomquist says the foreclosure rate in Sacramento is down 62% from a year ago…in Stockton, the numbers are down 57%.