Foreclosure rates decline in California
There's positive news for potential homebuyers considering property in the sunny metro of Sacramento – foreclosure rates are down. According to real estate market research firm DataQuick, there has been a decrease in the number of foreclosures hampering the progress of the local economy. This could mean that homes for sale in Sacramento will soon increase in value and attract more attention from potential buyers.
"Obviously the economy has been on the mend - however slowly. But because housing is widely seen by economists as the biggest drag on growth, some interesting alternatives to the foreclosure process are being discussed, such as the use of eminent domain to buy and restructure mortgages. Needless to say, we're all watching closely," said John Walsh, DataQuick president.
In Sacramento, there were 3,202 foreclosures in the second quarter of 2012 - this is down 5.7 percent from 3,397 foreclosures that were recorded in the second quarter of 2011, according to the source. The decrease in foreclosure activity will most likely have a positive effect on the local real estate conditions in Sacramento.