Business Journal: Local Foreclosures Lower Than National Rate
More Sacramento-area homeowners entered foreclosure proceedings in August…compared with the same month last year. But the local foreclosure rate is lower than the national figure.
Monday, October 13, 2008
The foreclosure rate increased to 2.4 homes for every 100 homes in August, that’s almost double the rate a year ago. But it’s a much-brighter picture than the national rate, which increased to 4.4 percent in August. Foreclosures greatly affect the economy, dropping the price for existing and new homes — and lowering home values, which affects consumer spending and the ability of homeowners to tap into home-equity loans for large purchases. Now, we’re far from out of trouble in the Sacramento region, with 7 percent of mortgage payments at least 90 days late, the final steps before foreclosure.