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Foreclosures Spike in August for Greater Sacramento Area

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Real Estate Agent

ForeclosureRadar, a housing data company, reported yesterday, that Sacramento area foreclousres increased sharply in August.  Although they did not reach the peak of March 2010.

Mortgage lenders took back 997 homes during August.  Third parties acquired another 198.

Foreclousres in the region had been trending downward since August, with the previous high being in March, when 1,035 homes were returned to lenders and third parties acquired 277.

Current Sacramento County inventory of homes foreclosed, which have yet to be resold has reached more than 6,000.

184 Placer County homes went back to lenders in August.  The number was unchanged from July.  Placer reached a peak in March with 215 foreclosed homes going back to banks.

For a detailed article on these statistics you can visit: Sacramento-area foreclosures increase - Sacramento Business Journal

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Jack Mossman - The Nines Team at Keller Williams in Stockton
The Nines Team At Keller Williams - Stockton, CA
The Nines Team at Keller Williams in Stockton

Myrl ... it seems that some of that "shadow inventory" is seeping out .... and being replaced by new foreclosures.  AND, by all the expert accounts, it will get worse before it gets better.  All we can do is to stay focused and try and not get caught up in the hype!

Sep 15, 2010 10:19 AM
Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor

Myrl - I was attending a lecture yesterday where a couple of real estate attorneys were speaking and they said that there are going to be more and more foreclosures! Sad but true!

Sep 16, 2010 02:42 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Jack - That's my thinking too!  That "shadow inventory" is hitting the streets!  How well banks handle that inventory in rolling it out and processing it, will tell us a lot about the future.

Sep 16, 2010 08:41 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Barbara-Jo - I don't entirely agree with the attorneys.  I certainly think there is a possibility of that.  Yet, if the country could put our citizens back to work, and consumer confidence could return, there may be some relief from that.

Sep 16, 2010 08:43 AM
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