Sacramento region has 20 percent fewer foreclosures in first half of 2011
By Rick Daysog
The Sacramento Bee
The Sacramento Bee
Published: Thursday, Jul. 28, 2011 - 12:00 am | Page 6B
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New foreclosures in the Sacramento region were down more than 20 percent during the first half of the year, following a trend of sharp declines in filings nationwide.
Irvine-based RealtyTrac said that notice of default filings – the first step in the foreclosure process – tumbled in the capital region to 21,721 in the first six months this year, from 27,275 a year earlier.
But the report also noted that the Sacramento area was the nation's 10th most active market, as one in every 39 homes entered into foreclosure proceedings during the half.
"Foreclosure activity continued to slow in the first half of 2011, especially in the most foreclosure-saturated markets," said James Saccacio, RealtyTrac's CEO.
Nationally, the number of foreclosure filings was down 29.3 percent to nearly 1.2 million.
While an improving economy may contribute to declines in some markets, Saccacio believes a "glut" of already-foreclosed properties and roadblocks created by "a mountain of improperly filed foreclosures" contributed to the sharp drop.
"These dramatic decreases indicate the foreclosure pipeline continues to be clogged in many local markets across the country," he said.
During the first half of this year, Las Vegas saw the highest foreclosure rates, with the owners of one of every 19 homes receiving a notice of default.
Las Vegas was followed by Phoenix, where new foreclosures accounted for one in 28 homes.
Closer to home, an area starting at Reno, running southwest down Interstate 80 through Sacramento to Vallejo and southeast toward Fresno resembled a Bermuda triangle for foreclosures.
According to RealtyTrac, seven of the 11 most active foreclosure markets in the country can be found in this area. They included:
• Modesto, the nation's third most active foreclosure market, with one in every 30 homes entering into foreclosure during the first half.
• Stockton, fourth on the list with one in 31 homes the object of a default notice.
• Vallejo-Fairfield, sixth, with one in 32 homes.
• The Reno-Sparks area, seventh, with one in 34 homes.
• Merced, ninth, with one in 36 homes.
• Fresno, 11th, with one in 42 homes.
Irvine-based RealtyTrac said that notice of default filings – the first step in the foreclosure process – tumbled in the capital region to 21,721 in the first six months this year, from 27,275 a year earlier.
But the report also noted that the Sacramento area was the nation's 10th most active market, as one in every 39 homes entered into foreclosure proceedings during the half.
"Foreclosure activity continued to slow in the first half of 2011, especially in the most foreclosure-saturated markets," said James Saccacio, RealtyTrac's CEO.
Nationally, the number of foreclosure filings was down 29.3 percent to nearly 1.2 million.
While an improving economy may contribute to declines in some markets, Saccacio believes a "glut" of already-foreclosed properties and roadblocks created by "a mountain of improperly filed foreclosures" contributed to the sharp drop.
"These dramatic decreases indicate the foreclosure pipeline continues to be clogged in many local markets across the country," he said.
During the first half of this year, Las Vegas saw the highest foreclosure rates, with the owners of one of every 19 homes receiving a notice of default.
Las Vegas was followed by Phoenix, where new foreclosures accounted for one in 28 homes.
Closer to home, an area starting at Reno, running southwest down Interstate 80 through Sacramento to Vallejo and southeast toward Fresno resembled a Bermuda triangle for foreclosures.
According to RealtyTrac, seven of the 11 most active foreclosure markets in the country can be found in this area. They included:
• Modesto, the nation's third most active foreclosure market, with one in every 30 homes entering into foreclosure during the first half.
• Stockton, fourth on the list with one in 31 homes the object of a default notice.
• Vallejo-Fairfield, sixth, with one in 32 homes.
• The Reno-Sparks area, seventh, with one in 34 homes.
• Merced, ninth, with one in 36 homes.
• Fresno, 11th, with one in 42 homes.
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