Area foreclosure rates plunge from year ago

Published: Wednesday, Jul. 24, 2013 - 12:00 am | Page 6B
Last Modified: Wednesday, Jul. 24, 2013 - 6:59 am

Foreclosure rates in the four-county Sacramento region fell by more than half in May from the same month a year ago, CoreLogic reported Tuesday.

Among outstanding mortgages, the rate of foreclosures fell from 2.61 percent in May 2012 to 1.09 percent in May of this year, the Irvine-based real estate information service said.

Foreclosure rates in the region have been falling for months as home values rise and the economy gradually improves.

May's foreclosure rate was lower than the national average of 2.61 percent, it said.

The numbers of homeowners seriously delinquent on their mortgages in the Sacramento area also continued falling. In May, the 90-day delinquency rate fell to 3.86 percent from 6.65 percent the same month last year.

Also on Tuesday, the California Association of Realtors reported a continuing decrease in sales of distressed properties.

In June 2012, more than half of all homes sold in Sacramento were foreclosures or short sales, the Realtors' group said. Last month, only about a quarter of homes sold were properties in which owners owed more than their homes were worth; the rest were traditional equity sales.

Call The Bee's Hudson Sangree, (916) 321-1191.

© Copyright The Sacramento Bee. All rights reserved.

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