CoreLogic Reports Drop in California Central Valley Foreclosures

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Real Estate Agent with GreatWest Realty DRE# 00827565

 

 

I was encouraged while reading CoreLogic's report today.   It covered Foreclosure rates in the California Central Valley for October 2010.  While a couple Central California areas reported increased rates, the Sacramento Metro Area, which includes the city of Roseville and the unincorporated Arden-Arcade neighborhood, reported decreased numbers of foreclosures for October 2010 over the same period last year. 

CoreLogic, a Santa Ana, California based real estate and financial information company, went on to report, Sacramento metro area foreclosures, among outstanding mortgage loans, were 3.50 percent for October 2010, a decrease of -0.12 percentage points compared to October 2009 when the rate was 3.61 percent.

However, foreclosure activity for the metro area was higher than the national foreclosure rate of 3.33 percent for October 2010, which represents a 0.17 percentage point difference.

CoreLogic data for October 2010, also demonstrated in the Sacramento/Arden Arcade/Roseville, the mortgage delinquency rate also decreased.  10.55 percent mortgage loans were 90 days or more delinquent in comparison to 11.24 percent for the same period a year ago.  This figure represents a -0.69 percentage point decrease.

1.08 percent of Sacramento metropolitan area homes with a mortgage, were in REO (real estate owned) status, as of October 2010 - an increase over the year prior when homes in REO status, represented 0.86 percent.

For more detailed information about this development, and to view CoreLogic for other Central Valley locations in California, you can access: CoreLogic: Foreclosures drop in Central Valley

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Ambassador
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William Johnson
Retired - La Jolla, CA
Retired Real Estate Professional

Hi Myrl, Ones does wonder if the banks have learned anything from past years results and if they are changing or modifying their thinking about their holdings and the best way to clear their books of the assets.

Jan 13, 2011 01:00 PM #1
Rainmaker
2,540,572
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

William - I am convinced that how well, and how swiftly we emerge, from this housing crisis, hinges on how successfully banks handle"assets" on their books.  It all feels so precarious, at best!  I am astounded at the magnitude of the mess they created, and were bailed out from. Yet continue to mismanage to a monumental degree.

Jan 13, 2011 01:19 PM #2
Ambassador
753,885
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

Myrl,

I learn the most interesting things about you from your comments here and there.  Alcatraz...  Hmmm.

Mike in Tucson

Jan 13, 2011 03:46 PM #3
Rainmaker
2,540,572
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

Mike - You must have been visiting Ann Allen's blog:-)  Yes, there was a time when I contemplated an Alcatraz swim.  It wasn't the distance, or the waves that daunted me.  Nor was it the sharks.  Afterall, there are more sharks on land than dwell in the sea. . .It was the bone chilling temperature of the waters that curtailed the dream.  I like to swim in warm waters:-)

Jan 14, 2011 05:09 AM #4
Rainmaker
596,993
Jim Hale
ACTIONAGENTS.NET - Eugene, OR
Eugene Oregon's Best Home Search Website

A reduction in the number of REO properties cannot happen soon enough....not just because of the obvious market reasons...but because they are the most difficult sellers on the planet.

Who else can get away with little or no disclosures or insist on their own sale agreement language intended to disadvantage the buyer in every way possible.

If any other group of sellers tried to do the things these enemies of the people do....

Jan 14, 2011 03:24 PM #5
Rainmaker
2,540,572
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

Jim - One of the things I have felt these last few years, is that the housing crisis, absolutely has created a major erosion of consumer protections that Realtors have worked decades to achieve.  When I entered this business in 1981, there were absolutely no disclosures.  But, over the years since, we have layered protections into transactions to protect homebuyers.  You are absolutely right.  Banks seem exempt from disclosure and many protections, of which traditional sellers are not.

Jan 14, 2011 03:51 PM #6
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Rainmaker
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Myrl Jeffcoat

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