Foreclosures up Nationally but Down in California

Nationally banks repossessions are up 38% in the second quarter from a year ago. However, California foreclosures are down 24% from last year. It appears that the banks are purposely holding California homes back from foreclosure in order to avoid flooding the market but this is only prolonging the inevitable. California’s real estate market is far from being out of the woods due to the highly inflated prices from the real estate boom and the current high rate of unemployment it will  one of the last areas of the country to recover.