Foreclosure rates in most California areas declined in August 2010, although the number of foreclosed properties, including foreclosed single and multi family homes for sale, remains high. Most major cities and counties of the state are in the top ten local municipalities with the highest rates of foreclosure in the whole U.S.
The total number of foreclosed homes in Merced, CA is among the highest in the country for August, with Merced occupying sixth place among counties and cities with the highest filings. One household out of every 111 in the county received a filing for August 2010. Meanwhile, Modesto's foreclosure activities declined by 10% in August 2010 compared with the same month in 2009, but the area is still second nationwide in terms of foreclosure totals.
California foreclosed homes for sale accounted for almost 20% of the nationwide foreclosure totals for August, with over 69,000 households receiving a notice of foreclosure in the state during the period. The August total represents a 3% jump when compared with July 2010, but translates to a 25% drop compared with August 2009.
Other cities and counties in California that recorded some of the highest foreclosed single and multi family homes for sale in August include Stockton, Riverside-San Bernardino-Ontario, Bakersfield, Vallejo-Fairfield and Sacramento. Stockton came in third among cities and counties with the highest foreclosure rates for August, with a ratio of one household out of every 100 receiving a notice of foreclosure.
Riverside-San Bernardino-Ontario is ranked seventh, with one household out of 113 facing foreclosure or already included in the real estate foreclosed homes data. Bakersfield is at number eight, with one household out of 120 getting an August filing, while Vallejo-Fairfield is at number nine, with one home out of 124 getting foreclosed or facing foreclosure. Sacramento-Arden-Arcade-Roseville rounded up the top ten, with one household out of 125 being in some phase of foreclosure or another.
Although the number of foreclosed single and multi family homes for sale among the metro areas that made the top 10 in August remains high, all 10 areas recorded a decrease in foreclosure rates for the second consecutive month, giving analysts some hope that the housing market crisis has reached its peak.
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