Foreclosure activity in the greater Sacramento real estate market is down more than 20% for the first six months of 2011. This closely follows a deep trend in decreasing foreclosure filings around the country…
According to real estate data company RealtyTrac, Notice Of Default (or NOD) filings dropped to 21,721 for the Sacramento market in the first half of the year, from 27,275 for the same period in 2010. RealtyTrac’s CEO, James Saccacio said; “Foreclosure activity continued to slow in the first half of 2011, especially in the most foreclosure-saturated markets.”
If any of you remember me talking about first payment defaults being down in 2009 and 2010 I predicted exactly this. 21,721 foreclosures is still not a pretty picture but the number is still getting better as less homeowners have been going into default on their mortgage payment for the last two years (as compared to the crisis year of 2008 and the first half of 2009). As this trend continues the number of foreclosures will continue to decline as well.
Foreclosure filings are down even more nationwide, decreasing 29.3% across the board. The Roseville/South Placer market is down even more than this (where we’re seeing a real stabilization and a return to a more normal housing market already).