Report: Sacramento 12th-worst for foreclosures - Tampa Bay Business Journal:

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Sacramento is the 12th-worst market for foreclosures inthe state, with 1,391 sales — or aboutr one of every 1,0234 homes. But the activity in foreclosure salesx in the region is a 20 percent drop from ayear ago, accordingg to . The region had 2,694r notices of default considered the first step in the foreclosureprocess — and 1,67w notices of trustee sales. Merced, Stanislaus and Yuba counties were the worstr inthe state, followed by San Joaquin and Riverside Statewide, foreclosures increased for the third-consecutive month, evidence that the housinyg market remains in trouble. Foreclosur e sales increased 24.
7 percent in June compared to May, a slightlyy smaller increase than the previoustwo months. Foreclosures sales had jumped at least 30 percen in Apriland May, compared to the previous Statewide, foreclosure sales in June were 8.2 percenyt lower than a year ago. The brisk activitty in foreclosures could continue in the late after notices of defaultincreased 11.8 percenr to 45,691 filings, the second-highest monthg on record, according to ForeclosureRadar. June’xs notices of default are 10 percent higher than ayear ago.
Home lenderw reported mixed results in possibly because of the California ForeclosurePrevention Act, whic h extends the notice of trustee sale by 90 Banks can avoid the 90-dayg extension by offering a comprehensive loan-modificationm program to homeowners. Bank of America’s filings dropped 49 percent last month, whilse CitiMortgage and Downtown Savings’ notices of trustee saleas increased 69 percent and45 percent, respectively.