Year-over-year foreclosure activity default notices, scheduled auctions and bank repossessions in California continued a prolonged trend with another robust double-digit decline in February, according to Irvine-based RealtyTrac.
RealtyTracs monthly foreclosure market report said foreclosure filings were reported on 13,053 California properties last month, down about 27.5 percent from 18,003 in February 2013.
Nationally, the numbers reflected an improving housing market.
RealtyTrac said foreclosure filings nationwide in February totaled 112,498, down 10 percent from January, a decline of 27 percent from February 2013 and the lowest monthly total since December 2006.
Cold weather and a short month certainly contributed to a seasonal drop in foreclosure activity in February, but the reality is that new activity is no longer the biggest threat to the housing market when it comes to foreclosures, said Daren Blomquist, vice president at RealtyTrac. The biggest threat from foreclosures going forward is properties that have been lingering in the foreclosure process for years, many of them vacant with neither the distressed homeowner or the foreclosing lender taking responsibility for maintenance and upkeep of the home...
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