California Still Dominates Foreclosure Activity

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(Sacramento, CA)
Thursday, March 13, 2008

Stockton had the second highest foreclosure rate in the country in February, behind Fort Myers, Florida. That’s according to RealtyTrac – an online marketplace for foreclosure properties.

Rounding out the top ten – Modesto at number three; Merced at number four; Vallejo-Fairfiled at number eight; and Sacramento at number nine.

RealtyTrack’s Rich Sharga says California is still reeling from the subprime loan debacle. 

"It’s going to take a while for the volume of those loans to work their way through the system and until they do we’re going to be looking at high foreclosure numbers in California."

RealtyTrack’s figures show that one in every 87 households either got a default notice, auction sale notice or was repossessed by a bank in Stockton last month. In Sacramento, it was one in every 164 households.