Thursday, January 13, 2011

Foreclosures dropped in California by 14% in 2010 from 2009.

The nationwide controversy over "robo-signing" and questionable practices by mortgage servicers appears to have slowed foreclosure activity at the end of last year.

Nonetheless, 2010 still ended as a record year in terms of foreclosure filings nationwide, according to figures Irvine-based foreclosure analyst RealtyTrac will release today. Foreclosure filings – default notices, scheduled auctions and bank repossessions – were reported on nearly 2.9 million properties in 2010. That's a nearly 2 percent increase from 2009 and a 23 percent increase from 2008.

California managed to buck the norm and saw a drop in foreclosure filings for 2010, down nearly 14 percent from 2009. In Sacramento County, foreclosure filings also dropped, but they rose in El Dorado and Placer counties.

"It does look to us like California might have, technically speaking, peaked in terms of foreclosure activity," said Daren Blomquist, a RealtyTrac spokesman.

But with foreclosure filings on about 550,000 properties in 2010, California still had the fourth-highest rate of foreclosure filings nationwide. Blomquist said he didn't expect much of a change this year for the state.

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