Foreclosures fell sharply last month, but California’s still one of the states with the highest rates in the country.
Despite a 14 percent drop in foreclosure activity from October, California’s November foreclosure rate placed third, behind Nevada and Utah. Irvine-based RealtyTrac says that by itself, the Golden State accounted for more than one-fifth of the country’s foreclosure filings.
RealtyTrac’s Darren Blomquist says California appears to be weathering a long storm. "Of pretty much any of the states that have been hardest hit by foreclosures, California has shown the most positive momentum over the last year."
Blomquist says foreclosures have fallen consistently here this year. They’re just falling from a very high place. Plus, "we continue to have problems in the overall economy and the housing market that are driving foreclosures."
So, Blomquist says, California will feel foreclosure pain throughout the year ahead.