Being the trendsetters we are, California leads the nation in foreclosure filings, even as the nation sets a new record! A report released recently by Realty Trac put the number for California at 546,669 and 2.9 million for the nation.
And this new record is despite a slow-down in foreclosure filings while the banks came to grips with their robo-signing and other issues. It is estimated that the number would have easily topped 3 million had the slow-down not occurred; a slow-down that included a 30 month low is December.
Due in part to the slow-down, the actual number of completed foreclosures was down 14%, California retained the country’s third highest rate (4.08%) lead only by Nevada at 9.42% and Arizona at 5.73%. California, Florida, Arizona, Illinois and Michigan make up 51% of that activity, or nearly 1.5 million.
The impact for the Yuba-Sutter area? The banks are learning to handle the influx. While the negative equity is not going away any time soon, Federal and State programs are helping people retain their homes. Refinance programs, short sale assistance programs are just a couple of them. Cash for keys and deed-in-lieu also are being employed.
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