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Problem of Foreclosed Oakland Home Auctions for Sale Eased Down

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By : Allana Castro    99 or more times read
Latest statistics saw Oakland home auctions for sale and foreclosure rates in most metro areas of California declining during the month of July 2010. According to housing industry numbers, the area of Northern San Joaquin Valley recorded some of the most significant declines among the metros of California.

However, analysts have warned against an early celebration as despite the decline, the number of foreclosed properties on offer at house auctions in California is still some of the highest in the whole U.S. But analysts did admit that the fact that fewer houses are getting repossessed and fewer foreclosures are happening during the summer months compared with the same period in 2009 can be seen as something positive for the housing market.

More than the number of properties in foreclosed houses auctions, analysts are worried about the number of homeowners who are delayed in their monthly mortgage payments. According to them, this does not bode well for the second half of the year. However, there are areas in California that demonstrated significant improvements during the month of July.

Foreclosed properties lost to Oakland home auctions for sale were not as high as previous year's numbers. But the county that did really well during July was Stanislaus County. Less than 500 homes fell to foreclosure in Stanislaus in July. Of the 483 total, 373 were repossessed by banks, while 110 were sold at foreclosure auctions. This figure is less than 50% of the total foreclosures recorded in the county in July 2008 when the housing market crisis was at its peak in the area.

In terms of households that are in the first stage of foreclosure, or those that have received their first notice of default, Stanislaus had a total of 591 for July 2010. This is significantly lower than the July 2009 total which was pegged at 1,081 and represents a 45% year-by-year decline. Further decline in foreclosure activities in the area is expected for the rest of the year.

Other metro cities in California that are experiencing declining foreclosure activities are Merced and San Joaquin Valley. Foreclosed dwellings under Oakland home auctions for sale are also fewer for July 2010 compared with July 2009.
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