Foreclosure listing service RealtyTrac says “notices of default,” the first stage of the foreclosure process, went up by just over 3% from April to May.
RealtyTrac’s Daren Blomquist says it was the fourth straight monthly increase. But Blomquist says it’s not a sign of any new problems in California’s housing market.
“This is just still cleaning up from the wreckage of the original housing bubble and there’s a lot less wreckage to cleanup but there is still some distress out there that needs to be worked through.”
Once a mainstay in the top five states with the highest foreclosure rates, California has dropped to 11th in the nation. Blomquist says about 17,000 properties got some typoe of foreclosure filing in May (notice of default, auction notice or bank repossession).
“…and that 17,000 was down 60% from a year ago which now continues a string of year-over-year decreases in California we’ve seen for the past 18-months.”View Article