Business Journal: Foreclosures Up

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(Sacramento, CA)
Tuesday, August 21, 2007

California leads the nation with foreclosure filings, and Sacramento is no exception. According to RealtyTrac Inc., a company that tracks foreclosures, Greater Sacramento saw four times the number filed this July compared to July of last year. This is an increase from about 1,000 in 2006 to about 4,000 this past month.

It’s not all doom and gloom. July’s numbers dipped nearly 3 percent when compared to June. However, this is still a huge jump from 2005, when June saw a mere 196 filings. 

For the second quarter of 2007, the region had one foreclosure filing for ever 68 households. For the same time frame, the state had one filing for every 119 households. California and four other states account for half the nation’s total foreclosure filings.