Stockton’s Foreclosure Crisis Continues to Deepen!

The number os Notices of Defaults filed in California reached a high in March, 42,704. These new filings are the first step in the foreclosure process and will result in an increase in the number of foreclosure down the road. The number of Notices of Trustee Sale – which are filed 3 months after a Notice of Default – rose to 47.9% reaching a record high of 27,571 notices. March sales at foreclosure auctions decreased over 5% to 15,833 or 2.3% of properties being offered. These dismal results mean that bank owned inventories will continue to swell. It is expected to be near 90 today. We should start to see many brown yards as we approach summer! Good news is that we should see an increase in the number of Stockton homes for sale as the number of Stockton foreclosures and Stockton short sales increase.

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