Foreclosed Home Listings in Sacramento Grew in 3rd Quarter

Foreclosed home listings in Sacramento grew in the third quarter, based on a report issued by a La Jolla research firm.

A total of 5,004 foreclosures were completed in the July to September quarter, marking an increase of 12.5 percent from the April to June quarter.

But the number of mortgage defaults decreased, dropping by 8.7 percent to 9,751 in the third quarter. The researchers contended that lenders deliberately slowed the pace of their foreclosure filings to control the flow of foreclosures into the market and to protect the slight recovery the market has been showing.

The researchers also said that lenders, in many cases, can cut their losses by allowing troubled homeowners to stay in their homes for a longer time so the properties are maintained.

Based on the report, about 87 percent of 31,854 foreclosed homes have been sold from February last year to July this year and that the remaining properties are either unoccupied or rented out. Statewide, 82 percent of foreclosed homes have been resold during the same period.

Since the housing crisis started in 2007, nearly 47,000 homes have been foreclosed in the counties of El Dorado, Amador, Nevada, Sacramento, Placer, Yolo, Sutter and Yuba. As of last month, about 13,333 homes in the Sacramento region have entered foreclosed home listings.

Throughout California, a total of 460,757 residential units have been repossessed since the start of the crisis in 2007.

In the July to September quarter, the figures for foreclosures and defaults in capital-area counties followed one pattern. In all the eight counties, defaults were higher than foreclosures.

In Amador County, there were 73 foreclosures and 115 defaults. In El Dorado, there were 243 foreclosures and 629 defaults. In Nevada, there were 108 foreclosures and 337 defaults.

The highest number of foreclosures and defaults occurred in Sacramento, with 3,384 foreclosures and 6,098 defaults.

Placer County had 610 foreclosures and 1,414 defaults; Sutter had 152 foreclosures and 403 defaults; Yolo had 238 foreclosures and 443 defaults; and Yuba had 196 foreclosures and 443 defaults.

In another nationwide foreclosure report released this week, California was listed as third in foreclosure rate among all the states in the July to September quarter. The state still comprised the majority of all foreclosure postings in the country, with more than 250,000 California homes notified of foreclosure and default. Out of this large number, nearly 51,000 housing units entered real estate owned foreclosed home listings.

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