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Foreclosures Continue to Plunge in California

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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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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