The number of California homeowners who are under foreclosure has risen in the third quarter of 2010. The rise is expected to reflect on the list of multi family homes and other lists of residential properties in the coming fourth quarter.
Los Angeles foreclosure list and foreclosure listings in other areas of California will likely expand in the last three months of the current year as the state recorded a 19% jump in foreclosure during the July-September 2010 period. According to housing market figures, it is the first time that the state has recorded an increase in this category since peaking in the early part of 2009.
According to housing market analysts, the spike in the number of properties under California home foreclosures list could have been caused by the decreased ability of homeowners to pay their loans or could be due to increased efficiency among lenders. They added that it is more likely that banks are trying to catch up on backlogs that started in the early part of 2009.
Over 80,000 properties are potential additions to the list of multi family homes and foreclosed property listings in California in the coming fourth quarter. For the July-September 2010 period, 83,261 households have received notices of default in the state. Although this is 19% higher than the second quarter of 2010, it does represent a 25.5% decline when compared with the 2009 third quarter.
People who are trying to find foreclosure listings in California will likely have a lot of choice come the fourth quarter and the first quarter of 2011. However, the housing industry is optimistic that the state will not reach the foreclosure peak recorded in the 2009 first quarter. The current year's third quarter foreclosure total is actually 38.5% lower than the first quarter of 2009.
Realtors have reported that the third quarter figure does not reflect the moratorium imposed on foreclosure sales since only Bank of America Corp. has declared a suspension on the sale of foreclosures in the state. Furthermore, a big percentage of foreclosures under list of multi family homes and listings of other distressed properties in California were processed without the help of the courts.