sacbee.com | July 21, 2014
By Dale Kasler
Foreclosures have fallen to their lowest levels in California and Sacramento County since late 2005, market researcher DataQuick said Thursday.
The results are the latest evidence of the recovery in the housing market. A day earlier, DataQuick’s monthly market snapshot showed a continued increase in housing prices across the Sacramento region, albeit at a slower pace than a year earlier.
As pricing improves, the epidemic of foreclosures has abated. In Sacramento County, just 943 notices of default were recorded during the second quarter.
That represented a 33 percent decline from a year earlier. It was also a sliver of the the 7,325 notices recorded in the second quarter of 2008, when foreclosures peaked in the county. Notices of default mark the formal beginning of the foreclosure process.
Sacramento County foreclosures haven’t been this rare since the fourth quarter of 2005, said DataQuick analyst Andrew LePage.
Statewide, 17,524 notices of default were recorded across the state in the second quarter, down 32 percent from a year earlier. The sharpest decline was in Marin County, where notices dropped 50 percent from a year ago.
As in Sacramento, it marked the fewest notices recorded since the fourth quarter of 2005, as the housing boom was starting to falter.
The notices declined 29 percent in Placer County, 41 percent in El Dorado and 28 percent in Yolo.
“Homeowner distress continues to decline because of a stronger economy and rising home prices,” said DataQuick analyst John Karevoll in a prepared statement.
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