“Both of those posted a decrease in foreclosure activity from a year ago. Stockton was down 13% and Modesto was down 9%.”
Daren Blomquist is with research firm RealtyTrac. He says one reason for the decrease could be that the housing markets in Stockton and Modesto are stabilizing. But Blomquist says it’s too soon to say these markets have truly turned a corner.
“Because we believe there’s still a lot of pent up distressed property out there that has not hit the foreclosure numbers yet.”
…and Blomquist says rising unemployment is also likely to drive foreclosure numbers up. The latest RealtyTrac numbers also show that foreclosure activity in the Sacramento area during the first half of 2009 remained relatively flat compared to the same time last year…increasing by only two-percent.