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A blog about the economy and the Sacramento-area real estate market.

July 7, 2010
Sacramento-area loan distress rates ease for 4th month

 The percentage of Sacramento-area mortgages in serious trouble or on the path to foreclosure declined for a fourth straight month in May, home loan industry tracker CoreLogic reported Wednesday morning.

Corelogic said 11.18 percent of the mortgages in Sacramento, Placer, El Dorado and Placer counties in May were either 90 days or more behind on payments, somewhere in the foreclosure process or tied to a bank-owned home listed for sale.

That is down slightly from 11.27 percent in April, and easing back from a high of 11.58 percent in February, CoreLogic reported. In May 2009, the figure was 9.06 percent.

The decline is partly due to declining numbers of homes somewhere in the foreclosure process, the firm said.

 In May, 3.03 percent of area homes with mortgages were in that process.  That is a sixth straight month of decline there as lenders try other alternatives such as short sales and loan modifications. It may also partially represent banks' inability to process foreclosures given the large number of delinquencies.

But bottom line: the percentage of homes in the foreclosure process is down from the same time a year earlier.

The Sacramento area, however, is still running ahead of the California and U.S. average for its percentage of troubled mortgages, CoreLogic reported.

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