Tuesday, September 14, 2010

California foreclosures up four-straight months with 16.6% rise in August

More homeowners are falling out the HAMP and HAFA loan modification programs and so more houses are being foreclosed.  This is more of that shadow inventory moving on the market which will push home prices probably lower.  As delinquency rates are also increasing, therefore a new batch of homes as shadow inventory the previous shadow inventory homes are being sold at the foreclosure sales.

In California, foreclosures are down 16.3% from a year earlier, and fewer homeowners found foreclosure relief as cancellations fell 11.2% and 15.6% more homes were lost in foreclosure sales, the firm said.

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