California

California Bank Foreclosures:

Click on the California areas below to begin your search:

California foreclosures have come in 3rd to the number of foreclosure filings nationwide behind Arizona foreclosures and Nevada foreclosures.

California posted 202,599 filings or one to every 65 households, making it a 19 percent increase from the 1st quarter and 3 times the level than last year (2007) 2nd quarter.

The cities with the highest foreclosures are: Stockton, Modesto, Merced and Vallejo-Fairfield. The number of homeowners whose mortgage debts exceeded the values of their properties topped 90 percent. In five other California high foreclosure areas, the Inland Empire, Bakersfield, Yuba City, El Centro and Madera are experiencing about 80 percent debt to value.

The outlook of foreclosures is expected to look grim in the short term, including the California foreclosure housing market as per McGee the president of foreclosures.com, foreclosures tend to peak well after a housing market bottom so long term foreclosures for California will look much better.

Banks and lenders have now foreclosed on $100 billion worth of California homes in just the past 2 years and are foreclosing on California homes at the rate of 1,300 houses every business day.

While new mortgage defaults are declining, California foreclosures are still rising. The 1,300 number of California foreclosures per day, is more than triple the amount a year ago at 415 per day. In California, the rate of California forecloses increased 22.5 percent from June to July 2008 but the number of defaults dropped by 4.6 percent during the same time period.

City housing officials in California worry about the 3rd wave of foreclosures. The 1st wave of California foreclosures took out the investor properties, the 2nd wiped out the recent adjustable mortgages in July 2008 and now the 3rd wave of California foreclosures is expected to be those who truly cannot afford the mortgage payment. This could be caused due to the slowing economy, higher prices for energy and groceries.

California foreclosures have increased to a 20 year high but California foreclosure resales are now accounting for 40 percent of all California resale activity in Quarter 2 of this year, 2008.