Things are looking a bit sunnier in sunny California these days according to RealtyTrac’s May foreclosure report.
Foreclosure filings in the Sacramento area were down almost 13 percent in May compared with the same month one year ago, although May filings were up slightly (2.25%) from the prior month.
For California as a whole, foreclosure filings were down 22 percent on a year-over-year basis.
RealtyTrac also reported that bank repossessions were up 44 percent in May from the same month one year ago.
According to an AP report in the San Jose Mercury News:
Economic woes, such as unemployment or reduced income, are the main catalysts for foreclosures this year. Initially, lax lending standards were the culprit. Now, homeowners with good credit who took out conventional, fixed-rate loans are the fastest growing group of foreclosures.
To read the RealtyTrac report, go here.