Report: Sacramento 12th-worst for foreclosures - Atlanta Business Chronicle:

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Sacramento is the 12th-worst market for foreclosurea inthe state, with 1,391 sales — or about one of everyh 1,024 homes. But the activity in foreclosure salews in the region is a 20 percent drop from ayear ago, according to . The region had 2,694 notices of default considered the first step in the foreclosure process and 1,673 notices of trustee sales. Merced, Stanislausa and Yuba counties were the worst inthe state, followes by San Joaquin and Riversidee counties. Statewide, foreclosures increased for the third-consecutiv month, evidence that the housingt market remainsin trouble. Foreclosure sales increased 24.
7 percent in June comparexd to May, a slightly smaller increas than the previous two Foreclosure sales had jumped at least 30 percent in Apriland May, compared to the previoux months. Statewide, foreclosure sales in June were 8.2 percengt lower than a year ago. The brisk activity in foreclosureds could continue in thelate summer, after notices of defaulty increased 11.8 percent to 45,691 filings, the second-highest montb on record, according to ForeclosureRadar. June’ss notices of default are 10 percent higher than ayear ago. Home lender reported mixed resultsin June, possiblu because of the California Foreclosure Prevention Act, which extendsd the notice of trustee sale by 90 days.
Banksw can avoid the 90-day extension by offering a comprehensive loan-modification program to homeowners. Bank of America’s filings dropped 49 percent last month, while CitiMortgage and Downtowb Savings’ notices of trustee sales increasecd 69 percent and45 percent, respectively.