According to reports released by RealtyTrac on Tuesday, California foreclosure numbers have increased substantially. From December to January 2007, numbers rose 7 per cent. By comparison, January foreclosure numbers for this year have risen 120 per cent over January of 2007.
The numbers show the facts. Some 57,000 homes were listed in some stage of foreclosure in January. The country's nationwide numbers are not much better. Foreclosures in January topped 57 per cent increases nationwide for January over January of 2007.
Lenders continue to be in troublesome situations since many of these properties are unable to be sold at auction. The US Foreclosure rate for January was one for every 534 homes.
Other areas of the country continued to see struggles as well. Cape Coral Fort Myers in Florida has the highest foreclosure rate for a metro area with one in every 86 homes in foreclosure. Stockton, California was ranked next, with one in every 97 homes in foreclosure.
RealtyTrac is an online foreclosure marketplace which readily provides information to property investors on the location of foreclosed properties. On their list of homes in foreclosure, California had the most cities listed. Included were Riverside San Bernardino (ranked third in the country) as well as Modesto (4th in the country) Merced (5th in the country) and Vallego-Fairfield (7th in the country.)
