Stockton retains dubious No. 1 foreclosure ranking - posted by Stockton - Lodi Short Sale Specialist Real Estate Agent Negotiator Broker
Median price falls 8% to $150,000
The Record
For the second month in row, Stockton had the nation’s highest metro foreclosure rate.
One in every 120 housing units was hit with a foreclosure filing during November. Stockton’s level of foreclosures is nearly twice the rate for the state, according to figures released Wednesday by RealtyTrac, which follows foreclosure activity nationwide.
There were 1,913 Stockton properties with a foreclosure filing in November, up 20 percent from the previous month and up 9 percent from November 2010. The increase in Stockton was driven largely by a 65 percent monthover- month increase in scheduled foreclosure auctions.
Distressed-property sales — the combination of foreclosure resales and short sales — continued to make up more than half of California’s resale market, according to DataQuick, which monitors real estate activity nationwide.
In San Joaquin County, 877 new and resale homes and condos were sold last month, up 2 percent from a year earlier, DataQuick said, but the median price dropped 8 percent to $150,000. Of the total sales, 767 were existing homes.
The eight other California cities with foreclosure rates ranking among the top 10 all posted double-digit percentage increases in scheduled foreclosure auctions in November, ranging from a 37 percent month-over-month increase in Modesto to a 100 percent increase in Fresno.
Nationwide, new foreclosure filings last month fell 3 percent from October and were down 14 percent from November 2010. That’s not the trend in California and other states hard hit by the real estate meltdown. According to RealtyTrac co-founder James Saccacio, the respite is not a trend.
“Despite a seasonal slowdown similar to what we’ve seen in each of the past four years, November’s numbers suggest a new set of incoming foreclosure waves, many of which may roll into the market as REOs or short sales sometime early next year,” Saccacio said. The term REOs stands for real estate owned, which are properties that go back to a lender, typically a mortgage company, after an unsuccessful foreclosure auction.
“Scheduled foreclosure auctions reached a nine-month high in November, corresponding to a recent surge in default notices that began back in August,” he added. “Many of the new defaults that started the foreclosure process over the past few months are now being scheduled for public foreclosure auction.”
An estimated 32,669 new and resale houses and condos were sold statewide last month. That was down 4.2 percent from 34,087 in October and up 4.0 percent from 31,403 for November 2010, DataQuick reported Wednesday.
Bob Peralta
24 Years as a California licensed Real Estate Broker
A+ reliability rating with the Better Business Bureau
Member of the National Association of Realtors
Member of the California Association of Realtors
Member of the Lodi Association of Realtors
Certfied Short Sale Negotiator Specialist (HAFA)
Certified Distressed Property Expert (CDPE)
Certified Investor Agent Specialist _ (CIAS) designation
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