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More Foreclosed Home for Sale in Shasta County As Filings Rose in July

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By : John Cutts    99 or more times read
Last month, foreclosure activity in Shasta County, California perked back up. Foreclosure filings in the county last month rose by 20 percent to 412. The dramatic rise was noted after a decline in June's foreclosure filings and May's 343.

In July the previous year, foreclosure filings were made on 226. Industry analysts said that last month's increase in foreclosure filings is expected to fuel foreclosed home for sale activity in the county in the coming months.

They said that the increase in foreclosure filings in Shasta County reflected the state and national trends of last month. Foreclosure activity in July increased despite state and federal efforts to prevent the spread of the foreclosure crisis.

Nationwide, foreclosure filings rose to 360,149 or 7 percent in July. The July figures were the third time this year that filings rose to a record number.

Statewide, foreclosure filings were posted on 108,104 distressed properties, a surged of 7 percent from June.

Meanwhile, notices of defaults were issued on 217 homeowners, representing an increase of 26 percent. Default notices are the initial stage of the foreclosure process. Last month, new bank foreclosure homes totaled 90 in Shasta County, an increase of 63 percent compared with June.

Industry analysts said that the 15.3 percent unemployment rate in the county in June fueled the current flood of foreclosure filings. They pointed out that many homeowners lost their source of income and they do not have enough home equity to refinance a loan, adding that many of them ended up with foreclosure houses.

Analysts also noted that unlike the first wave of foreclosures in which most homeowners took out subprime loans, the current distressed borrowers hold fixed-rate loans.

According to market data, Shasta County accounted for 120 bank foreclosure homes on the market, while 233 more properties are listed for short sales. All in all, there are 353 foreclosed home for sale in the county, making up a quarter of the area's entire inventory of houses for sale.

But analysts suggest that there may be more bank foreclosures for sale. They explained that many foreclosed properties were not marked as real-estate owned by banks.

Other California counties that experienced a surge in the number of foreclosure filings last month were Tehama and Siskiyou.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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