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Residential Foreclosures Down in California for first half of year

Residential foreclosures in California in the first half of 2010 were down 5% from the last six months in 2009. However, the only reason this happened was because lenders were approving short sales.  That is, allowing the homeowner to sell the house for less than the amount of mortgage owed.

Residential Foreclosures Down in First Half but Only Because Lenders OK Short Sales - Real Estate Channel Global News Center

Foreclosure filings were reported on 313,841 U.S. properties in June, a decrease of nearly 3 percent from the previous month and a decrease of nearly 7 percent from June 2009.

States with foreclosure rates ranking among the nation's 10 highest were California (2.54 percent), Utah (1.91 percent), Georgia (1.79 percent), Michigan (1.73 percent), Idaho (1.68 percent), Illinois (1.61 percent), and Colorado (1.40 percent).

340,740 California properties received a foreclosure filing in the first half of 2010, the nation's highest total but down 15 percent from the previous six months and down nearly 13 percent from the first six months of 2009.

Unfortunately, June was the 16th straight month where the total number of properties with foreclosure filings exceeded 300,000.

"That means the housing industry as a whole remains fragile", says RealtyTrac CEO James J. Saccacio.

The figures are in themselves alarming and the cost to homeowners is not just noted in terms of money, but stress (for themselves and their families) and given the state of the economy and a lack of true job growth at present, I don't feel we have seen the last of the problems yet.

Reader Comments (1)

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December 14, 2010 | Unregistered CommenterUnion home loan

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