Boca Raton, Florida (PRWEB) January 03, 2013
Foreclosure.com analyzed data that compared active California foreclosure totals from the second and third quarters of 2012, revealing that the “Golden State” had 7.71 percent fewer homes in some stage of default.
“There were approximately 8,650 less active foreclosures in California from July through September when compared to data collected between April to June 2012,” said Foreclosure.com Vice President James Houston.
Houston credits the short sale process, which allows underwater/distressed homeowners to sell their homes for less than what is owed on their mortgage balances, as a primary reason the California foreclosure inventory improved. California has gone to great lengths in recent months and years to streamline and expedite the short sale process and it is now showing signs of success.
Despite the positive signs of improvement, Houston warns that the recent extension of the
The Mortgage Debt Relief Act of 2007 must remain rooted as to not deal California, as well as most – if not all – states a major setback.
And that’s especially the case in the state’s biggest cities where foreclosures, naturally, occur more frequently such as (in order of frequency) Los Angeles, Sacramento, Fresno, San Diego and Stockton.
Milpitas was the city that improved the most statewide, reducing its inventory by nearly 40 percent, while the amount of distressed homes in Chatsworth, which sits just outside Los Angeles in the San Fernando Valley, increased nearly 34 percent. Stockton, which declared bankruptcy this past June and has been ravaged by foreclosures for years, had 4.66 percent fewer distressed homes in the third quarter; however, its inventory still remains abnormally high.
Here are the most (and least) improved cities in California (Q2 vs. Q3 2012):
**Note: Only cities with a minimum of 100 active foreclosures in both quarters were analyzed**
Top 5 Cities
Aliso Viejo -34.95%
La Jolla -33%
Worst 5 Cities
Morgan Hill +22.12%
Foreclosure.com has also posted a helpful California foreclosures infographic that illustrates the data above – and more – in chart form at http://www.foreclosure.com/articlecenter/category/foreclosure-infographics.
ATTENTION EDITORS AND PRODUCERS:
For more information on California foreclosures, including the rankings of specific cities based on percentage of Q2 vs. Q3 2012 improvement or otherwise, please contact Thomas Myers at (561) 988-9669 ext. 7381 or tmyers(at)foreclosure(dot)com.