California Foreclosures on the Decline, Surge in Nevada
For the 21st consecutive month foreclosure activity has declined in California, according the RealtyTrac, the research firm which keeps track of such data. Overall foreclosures are down 62% from a year ago, which put California 12th nationally in foreclosure activity. California had been one of the top foreclosure states since 2008, but has now fallen out of the top ten. This may be due home price appreciation in Southern California.
California foreclosures seem to have shifted from Southern California to Northern California with cities like Stockton up 27% from the previous month. However even Stockton is down 60% from a year earlier. Stockton ranks 19th in the nation among major US cities.
Sacramento County was also up 8% from the prior month, but down over 60% from the previous year consolidating the downward foreclosure trend to rank 50th in the country among major US metro cities. So despite the uptick in August 2013, the trend continues to be downward for California foreclosures, as home prices continue to creep upward.
By contrast Nevada foreclosures surged 104% between July and August, just one month. Nevada seems to have become ground zero for foreclosure activity in the nation with wide monthly swings due partially to Nevada legislative activity and new regulations. Nevada continues to have the nations highest foreclosure rate.
If you are facing foreclosure or have questions about how to avoid foreclosure in California, McFarlin LLP attorneys are available to speak to you at no initial charge to discuss your options and analyze your situation. Call us today at: 888-728-0044.