Business Journal: Foreclosures Up
Sacramento ranked at the top of a closely watched national list for foreclosure filings, the most recent evidence of the sluggish housing market.
Tuesday, August 14, 2007
The Sacramento region joined four other California cities in the top 10 nationwide for the number of home foreclosures for the first half of the year. With a rate of one foreclosure for every 36 homes, Sacramento ranked No. 5 nationwide. More than 20,000 foreclosures have been reported in the four-county region for the first half of the year, a 240 percent increase compared to the same period in 2006, according to RealtyTrac. And the bad news will likely continue for the local economy, with filings on 10,700 properties for the first half of the year – one of the final steps before a foreclosure filing. Stockton topped the national list, with foreclosure filings on one of every 27 homes. Detroit, Las Vegas and Riverside/San Bernardino rounded out the top five.