California accounted for more than a fifth (21 percent) of the country’s home foreclosures in the last three months. Here's a look at the latest quarterly numbers from RealtyTrac.
Nearly 200,000 (191,016) California properties got foreclosure notices in July, August and September. Irvine-based RealtyTrac says that’s the highest number in the country.
But Nevada had the highest foreclosure rate, as it has for more than a year now – one in every 29 homes. California’s rate – one in every 70 homes – ranked fourth.
"Even though California does still have a very high foreclosure rate, we’ve seen 10 straight months now where foreclosure activity has decreased from the previous year," said RealtyTrac's Daren Blomquist. "And so the trend in California is headed in the right direction."
Blomquist says the recent halt in foreclosures due to documentation problems will show up in RealtyTrac’s next report. If lenders can resolve the issue quickly, he expects a temporary lull in foreclosures, followed by a spike.