California Foreclosures Up Again


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(Sacramento, CA)
Thursday, December 11, 2008

New figures released Thursday show they increased by 6% from October to November. That’s after two-straight months of declines. 

Darren Bloomquist is with RealtyTrac, which released the numbers. He says a recently enacted state law extending the foreclosure process helped slow activity in September and October.

But he says a foreclosure storm could be around the corner.

“Some of that just may be a temporary lull before some of these folks actually do go into foreclosure. Just some recent data that came out shows that people who had their loans modified to lower their payments earlier this year, over half of them have already gone back into default.” 

RealtyTrac’s latest survey shows that Merced, Modesto and Stockton have among the top five foreclosure rates in the country. Sacramento comes in at number 18.