Business & Real Estate

Foreclosure activity in California continues to plunge in November

Foreclosure activity – default notices, scheduled auctions and bank repossessions – continued a yearlong downward trend in California, with more double-digit percentage declines in November, according to Irvine-based RealtyTrac.

RealtyTrac’s monthly market report said foreclosure filings were reported on 10,123 California properties last month, down about 19 percent from November 2013 and a nearly 33 percent plunge from October this year.

Nationwide, foreclosure filings in November totaled 112,498, a decrease of 9 percent from the previous month and down 1 percent from a year ago, according to RealtyTrac. November marked the 50th consecutive month with a year-over-year decrease in overall foreclosure activity.

“The housing market is struggling to find the new normal when it comes to a tolerable level of foreclosure activity in this post-Great Recession economy,” Daren Blomquist, RealtyTrac vice president, said in a statement. “Finding that new normal requires striking a balance between too much loan risk, which would result in another housing meltdown, and too little risk, which could result in a stunted recovery.”

Call The Bee’s Mark Glover, (916) 321-1184.

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