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Foreclosure rates continue to fall in North Bay and beyond
Eric Gneckow, Business Journal Staff Reporter
Thursday, November 15, 2012, 5:05 pm
Categories: Industry News, Lake Report, Marin Report, Mendocino Report, Napa Report, Napa3, North Bay News, Position - don't use this category, Residential Real Estate, Solano Report, Sonoma Report, Top News Stories | No Comments
NORTH BAY — Foreclosure rates are falling across the North Bay, California and the United States, according to a report today from Irvine-based real estate data tracking and listing firm RealtyTrac.
In California, one out of every 379 homes was involved in a foreclosure filing in October. There were more than 36,000 new foreclosures across the state that month, down 43 percent from November, the earliest comparable month in the data. The average sale price of a foreclosed home was $265,901.
Napa County saw the lowest rate of new foreclosures last month, with a filing for one out of every 786 homes. There were 70 new foreclosures in October, down 67 percent from November 2011. The average price for a foreclosed home sold in October was $366,327, with 676 foreclosed properties countywide.
In Sonoma County, one out of every 414 homes was involved in a foreclosure filing. There were 493 foreclosures that month, less than half of the 826 foreclosures last November. The average sale price of a foreclosed home was $302,147, and there were 2,717 foreclosed properties countywide.
In Marin County, one out of every 629 homes received a filing last month. There were 175 new filings, down from 205 last November. The average price for a foreclosed home sold last month was $617,059, with 948 foreclosed homes in the county.
Solano County saw one foreclosure for every 227 homes, with 664 new foreclosures in October. That number was down 40 percent from November 2011. The average price for a foreclosed property sold during the month was $210,607, with 3,522 foreclosed properties listed.
In Mendocino County, there was one foreclosure for every 674 homes. New foreclosures fell by more than two thirds, with 57 new filings in October. 494 foreclosed properties were listed, and the average sale price for a foreclosed home that month was $195,586.
Lake County saw a new foreclosure filing for one out of every 231 homes. There were 151 new filings, down from 206 last November. No average price was provided for foreclosure sales last month, and there were 944 properties listed.
Nationally, one out of every 706 homes received a foreclosure notice in November. The average price for a foreclosed home sold was $192,700.
“We continued to see vastly different foreclosure trends across the country in October, depending primarily on how each state’s foreclosing infrastructure was able to handle the high volume of delinquent loans during the worst of the foreclosure crisis in 2010,” said Daren Blomquist, vice president of RealtyTrac, in the report.”Unfortunately the three states dealing with the biggest rebound in deferred foreclosure activity — New Jersey, New York and Connecticut — also had to deal with the devastation to homes inflicted by super storm Sandy. The foreclosure moratoriums being put into effect as a result of the storm will likely extend the already-lengthy time to foreclose in these states, further prolonging a fundamentally sound housing recovery.”
Link to article: http://www.northbaybusinessjournal.com/64878/foreclosure-rates-continue-to-fall-in-north-bay-and-beyond/
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