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Home Foreclosures Dropping to Levels Seen in 2006


Source: Sacramento Business Journal
san jose residential subdivision
New research by RealtyTrac Inc. on foreclosures in the Sacramento housing market suggests by early 2015, the rate of underwater buyers losing their homes to the bank will be about what it was before housing bust began.

Right now, about 1,000 homes are at some stage of foreclosure every month in the region; during the first half of 2006, the number was 929, said Daren Blomquist, vice president at RealtyTrac.

“Sacramento is making its way back to normal, but it’s not there yet,” he said. Compared to the state as a whole, though, where 13,000 homes monthly are in some kind of foreclosure stage now but only 7,000 were on a month-to-month basis during 2005 and early 2006, Sacramento’s recovery is ahead of the pace.

For September, 951 homes were in foreclosure, more than 400 fewer than the same month a year ago. But either way, the same culprit is still afflicting those homes: Loans from 2008 or earlier that have backfired relative to values now.

Read the full story at BizJournals.com