Foreclosures Rising In California and Sacramento County

Despite lenders in California and specifically the Sacramento area, voluntarily postponing most foreclosure sales; (73%, to be exact), data shows a month over month increase in foreclosed homes for the last several months. issued its monthly California Foreclosure Report a few days ago and it shows that statewide, foreclosure sales jumped 31.9 percent in May, following a 35 percent increase the prior month. NOT’s, or Notices of trustee sales, which set the auction date and time, also rose a whopping 42 percent from last month, indicating that Trustee Sales are probably going to continue to rise in the foreseeable future.

So in California in May; reported 17,871 foreclosed homes taken to auction in California last month. In Sacramento County, in April; there were 742 and the County saw a sizeable increase to 1,041 for May.

Almost all foreclosures put up for sale continue to be taken back by the lender. According to ForeclosureRadar, California statewide saw 87.9 percent, or 15,599 sales, went back to the lender in May.

Of all foreclosures scheduled, ForeclosureRadar says 40% or so are being postponed or reschedules at the banks request, and another 33 percent are being postponed based on the mutual agreement of lender and borrower (Loan Modification or Forbearance Agreement).

Leave a Reply

Copyright © 2007 Sacramento Real Estate Talk     Agent Login     Design by Real Estate Tomato     Powered by Tomato Blogs

Disclaimer: The information contained on this website is deemed reliable but not guaranteed in any way. This information is not to be taken as legal advice

Phone Number: 916-248-7777 / DRE: 01319540