Real Estate News

California foreclosure activity falls 13.8 percent in first quarter

California’s year-over-year foreclosure activity – default notices, scheduled auctions and bank repossessions – saw a double-digit percentage decline in this year’s first quarter, according to Irvine-based RealtyTrac.

RealtyTrac said that 33,598 California properties had foreclosure filings the first three months of 2015, down 13.8 percent from the opening quarter of 2014. This year’s opening quarter, however, was down only 1.1 percent from the fourth quarter of 2014.

Nationwide, RealtyTrac said U.S. foreclosure filings in this year’s first quarter totaled 313,487, down 8 percent from the year-ago period and a 7 percent dip from the last quarter of 2014. RealtyTrac said the national number of foreclosure filings in the first quarter of 2015 was the lowest quarterly total since the first quarter of 2007.

On the negative side, the 122,060 U.S. properties with foreclosure filings in March alone was up 4 percent from March a year ago, and it was the first month with a year-over-year increase in foreclosure activity since September 2010. RealtyTrac said the March numbers were driven by a jump in bank repossessions.

In a statement, RealtyTrac Vice President Daren Blomquist called the March increase a “continued cleanup of distress still lingering from the previous housing crisis, not the beginning of a new crisis by any means.”

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