Wednesday, July 11, 2007

California foreclosure sales skyrocketing

From the Central Valley Business Times:

Auctioneer gavels came down on 6,960 homes across California in the first six months of the year, according to ForeclosureRadar, a Discovery Bay-based foreclosure information company.

Yuba, Sacramento and San Joaquin counties ranked 2nd, 3rd and 4th highest respectively with Marin County having the lowest foreclosure rate in California.

Foreclosures now represent 16 percent of all new and resale home sales in the state, according to the company’s figures.

“Lenders are building a significant REO inventory. Since Jan. 1, 2007, a total of 29,696 California properties have been returned to the lender for an astonishing total loan value of $12 billion,” says Sean O'Toole, ForeclosureRadar founder and principal. “This is unprecedented.”

In June alone 6,552 properties were returned to the lender for a total of $2.69 billion.

3 comments:

Trent said...

I work for CurrentForeclosures.com, a foreclosures site, and we have noticed a huge increase in the number of foreclosures across the nation since January. Our numbers in California keep growing at an exponential rate. I believe that foreclosure rates are increasing mainly because of subprime and ARM loans, as well as the depreciation in the housing market, and the lack of buyers out there right now. Hopefully the market will turn around next spring as predicted.

WaitingToBuy said...

Wasn't it "predicted" to turn around this spring? It won't "turn around".... it will continue to normalize.

Raynor said...

I note a couple additional REO's under the Crisp monicker just today.

It ain't over 'till the fat lady sings?

How about until the fathead swings?