Foreclosure research firm RealtyTrac says between January and March foreclosures were up 35-percent from the same time last year.
“The numbers in the first quarter hit their highest level that we’ve seen in any quarter since we began tracking this in 2005.”
RealtyTrac’s Darren Bloomquist says California has the third highest foreclosure rate in the country behind Nevada and Arizona. And he says we may still see rising foreclosures even though home sales are picking up because prices are falling.
“If that continues then I think it will in the long term help the foreclosures to come down but it may be several months or a year before that really impacts the foreclosure numbers.”
In the Sacramento area…1 in every 47 housing units got a foreclosure notice between January and March. That puts Sacramento in 11th place nationwide for foreclosure filings.
Merced was in 2nd place behind Las Vegas. Stockton came in 4th place and Modesto was 6th.