Skip to content
CapRadio

CapRadio

signal status listen live donate
listen live donate signal status
listen live donate signal status
  • News
    • topics
    • State Government
    • Environment
    • Health Care
    • Race and Equity
    • Business
    • Arts and Lifestyle
    • Food and Sustainability
    • PolitiFact California
  • Music
    • genres
    • Classical
    • Jazz
    • Eclectic
    • Daily Playlist
  • Programs + Podcasts
    • news
    • Morning Edition
    • All Things Considered
    • Marketplace
    • Insight With Vicki Gonzalez
    • music
    • Acid Jazz
    • At the Opera
    • Classical Music
    • Connections
    • Excellence in Jazz
    • Hey, Listen!
    • K-ZAP on CapRadio
    • Mick Martin's Blues Party
    • Programs A-Z
    • Podcast Directory
  • Schedules
    • News
    • Music
    • ClassicalStream
    • JazzStream
    • Weekly Schedule
    • Daily Playlist
  • Community
    • Events Calendar
    • CapRadio Garden
    • CapRadio Reads
    • Ticket Giveaways
  • Support
    • Evergreen Gift
    • One-Time Gift
    • Corporate Support
    • Vehicle Donation
    • Stock Gift
    • Legacy Gift
    • Endowment Gift
    • Benefits
    • Member FAQ
    • e‑Newsletter
    • Drawing Winners
    • Thank You Gifts
  • About Us
  • Contact Us
  • Close Menu
 We Get Support From:
Become a Supporter 
 We Get Support From:
Become a Supporter 

Report: Banks Taking Back More Homes

  •  Steve Milne 
Thursday, October 10, 2013 | Sacramento, CA
Listen
/
download audio
Update RequiredTo play audio, update browser or Flash plugin.
  
California saw a 19 percent increase in the number of bank owned properties between July and September compared to the previous three months. Analysts say lenders are speeding up the pace of clearing out distressed inventory.
 
“Especially now that home prices have risen so much, lenders are much more motivated to start finalizing some of the foreclosures that have been delayed.”
 
Daren Blomquist is with the research firm RealtyTrac which released its third quarter numbers today. Despite the quarter-to-quarter increase, bank-owned properties are down nearly 70 percent from Q3 of last year.  
 
Meanwhile, overall foreclosure activity in September was down nearly 60 percent from a year ago. About 15,000 properties received foreclosure filings last month. Blomquist points out, that’s double the number seen before the housing bubble burst.
 
“Probably by the third quarter of next year, a year from now, we’ll be seeing the numbers in California likely right about down to that pre-housing crisis level.”
 
In the Sacramento area, the number of Real Estate Owned or REO homes has skyrocketed. From August to September, REOs jumped by 70 percent, says Blomquist.
 
"That is a sign that lenders I think are becoming more willing and more motivated with the rising home prices to go ahead and finalize their foreclosures and take these homes back and then eventually go ahead and resell them."
 
Blomquist says the silver-lining of that is more homes on the market and more opportunity for buyers to find something they can afford. Overall foreclosures in Sacramento County, which also includes "notices of default" and "auction sales," are down by 56 percent from this time last year. 

In Stockton, there were 347 properties with foreclosure filings in September. That was down 24 percent from the previous month and 69 percent from a year ago. REOs were down in Stockton by 10 percent month over month.

 


Follow us for more stories like this

CapRadio provides a trusted source of news because of you.  As a nonprofit organization, donations from people like you sustain the journalism that allows us to discover stories that are important to our audience. If you believe in what we do and support our mission, please donate today.

Donate Today  

Steve Milne

Morning Edition Anchor & Reporter

Steve is the Morning Edition anchor for Capital Public Radio. He covers stories on a wide range of topics including: business, education, real estate, agriculture and music.  Read Full Bio 

Sign up for ReCap and never miss the top stories

Delivered to your inbox every Friday.

 

Check out a sample ReCap newsletter.

Thanks for subscribing!

Thank you for signing up for the ReCap newsletter! We'll send you an email each Friday with the top stories from CapRadio.

Browse all newsletters

More Stories

Photo by Miguel Gutierrez Jr., CalMatters

Thousands of Californians in limbo as eviction protections end

July 2, 2022

Photo courtesy of Tevin Tyler and Dylan Maxie

Sacramento’s 2022 Black Graduation is symbolic

July 1, 2022

 Patrick T. Fallon/AFP via Getty Images

A California beach was seized from Black owners in 1924. Their family just got it back

June 30, 2022

Most Viewed

Abortion is still legal in California. Here are answers to questions about access in the state.

Northern California wildfires: Where to find updates on air quality, evacuations, and official information

California coronavirus updates: COVID-19 cases are increasing globally

Job cuts are rolling in. Here's who is feeling the most pain so far

The Supreme Court has overturned Roe v. Wade. Here's what it means for California.

We Get Support From:
Become a Supporter

Most Viewed

Abortion is still legal in California. Here are answers to questions about access in the state.

Northern California wildfires: Where to find updates on air quality, evacuations, and official information

California coronavirus updates: COVID-19 cases are increasing globally

Job cuts are rolling in. Here's who is feeling the most pain so far

The Supreme Court has overturned Roe v. Wade. Here's what it means for California.

Back to Top

  • CapRadio

    7055 Folsom Boulevard
    Sacramento, CA 95826-2625

    • (916) 278-8900
    • Toll-free (877) 480-5900
    • Email Us
    • Submit a News Tip
  • Contact Us

  • About Us

    • Contact Us / Feedback
    • Coverage
    • Directions
    • Careers & Internships
    • Mission / Vision / Core Values
    • Press
    • Staff Directory
    • Board of Directors
  • Listening Options

    • Mobile App
    • On Air Schedules
    • Smart Speakers
    • Playlist
    • Podcasts
    • RSS
  • Connect With Us

    •  Facebook
    •  Twitter
    •  Instagram
    •  YouTube
  • Donate

  • Listen

  • Newsletters

CapRadio stations are licensed to California State University, Sacramento. © 2022, Capital Public Radio. All Rights Reserved. Privacy Policy | Website Feedback FCC Public Files: KXJZ KKTO KUOP KQNC KXPR KXSR KXJS. For assistance accessing our public files, please call 916-278-8900 or email us.