Report Says Foreclosure Rates On The Decline

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(Sacramento, CA)
Thursday, June 11, 2009

That may be encouraging but the numbers also show foreclosures are up by 23% from May of 2008. 

Still, RealtyTrac’s Darren Bloomquist says even though that year-over-year rate seems pretty high it’s actually going down as well.  

“Particularly last year in Sacramento and other areas it wouldn’t be uncommon to see a year-over-year increase of 100% or more. And so I think we’re starting to see some signs that a sharp increase in year-over-year is starting to come down.”

The new RealtyTrac figures show that one-out-of-127 housing units in the Sacramento area got a foreclosure notice in May. 

Meantime, Stockton, Modesto and Merced are among the nation’s top five metropolitan areas with the highest foreclosure rates.

One-in-68 Stockton homes got a foreclosure notice last month.