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The year 2007 brought no relief whatsoever for the ailing property market as more and more homeowners slipped into the foreclosure oblivion. There was a time when foreclosure auctions took place only once a week in the Sacramento County courthouse but last year there were more than too many in a week. The County witnessed an increase in foreclosed houses with the number reaching 1,866 in the second quarter as compared to 857 around the same time in 2006. This is a stupendous increase of 118% and probably one of the reasons why the newspapers are talking only about Sacramento foreclosure homes.
According to a foreclosure auctioneer, homeowners are as much at fault as they never change their spending habits, don’t have any financial plans that can help secure their mortgages and home and end up cashing all the equity that is there on there home. One of the major contributors to California bank foreclosures was Sacramento, which reported the 5th highest rate of foreclosure in the country. The metro saw 3.2% of its homes in some stage of foreclosure throughout the year with Greater Sacramento leading the list with an increase of 272.5%. The total number of Sacramento bank foreclosures stood at 49,532 by the end of the last year.
The most surprising part is that 6 metros out of the top 15 metros on the foreclosure listing are from the state of California. This is exactly the reason why California was on the top of the list. Out of the 481,392 filings in the state, 249,513 properties were marked as California foreclosure homes, which is almost three times of the number in 2006. Going by the statistics in 2007, experts feel that the bank foreclosures scenario in the state might not change much in 2008.
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