Brad Garbutt

REALTOR®, Associate Broker

Since 1983, I have helped thousands of families and individuals buy and sell homes in Redding/Shasta County. The only thing that exceeds my experience is my commitment to you because whether you're buying or selling a home, your satisfaction is my number one goal. My commitment to you includes implementing the latest real estate technology and resources to effectively market and sell your property. When you're ready to buy or sell a home and you want exceptional service, call me!

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Home Foreclosures Subsiding Elsewhere

INDUSTRY NEWS, SHASTA COUNTY, TIPS FOR SELLERS
February 22nd, 2010

it-politics-killed-white-house-email-projectRealtyTrac reported its January numbers for foreclosure properties which include notices of default, auctions and bank repossessions. There was a 10% decrease from the previous month however the 315,716 foreclosure filings for U.S.  properties was 15% higher than one year earlier.

Nevada has the honor of the highest number of filings for the 37th straight month. Other Western States making the top 10 include Arizona, California, Oregon, Utah and Idaho. Phoneix is the only large metro area that saw an increase from the previous month.

Las Vegas saw a 2% decrease from the previous month but retains the title of highest foreclosure rate-1 of every 82 housing units with a foreclosure filing. Six California cities had foreclosure rates in the top 10-

  1. Modesto-1 in every 107
  2. Stockton-1 in every 107
  3. Riverside-San Bernardino-Ontario-1 of every 109
  4. Merced-1 of every 109
  5. Vallejo-Farfield-1 of every 112
  6. Bakersfield-1 of every 118

The Central Valley saw a construction boom and rapid price appreciation during the bubble which explains why these same areas are tops in foreclosure activity. Locally, foreclosure filings have been up and down month-to-month with no clear downward trend as of yet.  One could argue that foreclosure activity is focused in newer subdivision developments sold during the bubble however some foreclosures are a result of cash-out refinances on homes in more established neighborhoods that later lost significant value.

bradgreps@yahoo.com

530-224-6767 or 530-941-7492

BRAD GARBUTT

REALTOR/BROKER ASSOCIATE

REAL LIVING REAL ESTATE PROFESSIONALS

CORNER OF COURT AND PLACER IN REDDING

MORE THAN 25 YEARS LOCAL SALES EXPERIENCE

This entry was posted on Monday, February 22nd, 2010 at 10:12 am and is filed under INDUSTRY NEWS, SHASTA COUNTY, TIPS FOR SELLERS. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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