By Robert Lewis
rlewis@sacbee.com The Sacramento Bee
Published: Friday, May. 13, 2011 - 12:00 am | Page 6B
Last Modified: Monday, May. 16, 2011 - 12:17 pm
Foreclosure filings in California were down nearly 20 percent in April from the same month of 2010, RealtyTrac reported Thursday.
Despite the significant drop, the state still ranks as third worst in the nation for foreclosure activity with one out of every 240 homes generating a foreclosure filing.
So this is good news, right? Not necessarily, according to RealtyTrac's chief executive officer, James Saccacio. He said plenty of loans are still going bad, but lenders are taking longer to foreclose as their explore other options, such as loan modifications or short sales.
Seven of the 10 metropolitan areas with the highest foreclosure rates were in California. The four-county Sacramento region was sixth on the list, with a filing for every 166 housing units.
Article found at: http://www.sacbee.com/2011/05/13/3623780/foreclosures-in-state-fall-20.html
© Copyright The Sacramento Bee. All rights reserved.