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Modesto Bank Owned Homes for Sale Expected to Rise in Coming Months

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By : Allana Castro    99 or more times read
The number of foreclosed properties and Modesto bank owned homes for sale is expected to rise before the current year ends as foreclosure filings in several cities of California, including Modesto, rose during the first six months of 2010.

The number of bank owned houses in California remain high during the first half of the year, with several major cities also recording increased foreclosure filings. Nationwide, almost 75% of U.S. metropolitan areas recorded higher numbers of foreclosure filings during the January-June 2010 period.

Bank owned real estate foreclosures, along with other types of foreclosures, rose all over the U.S. during the first half, mainly due to high unemployment rates in major cities. Several metro regions in California made it to the top five in terms of the most number of foreclosure filings during the six-month period. Around 4.5% of Merced households received a foreclosure notice during the period, while Riverside-San Bernardino recorded 4.4% in terms of households receiving notices of foreclosure.

In terms of Modesto bank owned homes for sale, the rest of 2010 is expected to add more to this statistics if foreclosure filings for the first half of the year are to be used as basis. Modesto recorded a 4.6% total of households that have received notices in the January-June period. Although the figure represents a 14% decline compared with the first half of 2009, the number is still high enough to rank Modesto as third nationwide in terms of metro areas with the highest first half foreclosure filings.

California, along with Florida, Nevada and Arizona, was among the 20 metro areas with the highest rates of foreclosures. Although the state is still occupying a high ranking, foreclosure rates did record a decline in most cities of California, prompting real estate market analysts to declare that the area has reached its peak and is likely to be on its way towards a housing market recovery.

Three of California's cities made it to the top five among metro areas with the highest foreclosure filings for the January-June 2010 period. Although Modesto bank owned homes for sale are expected to increase in the coming months, the total is expected to be lower than the same period of 2009.

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