Report: Sacramento 12th-worst for foreclosures - Charlotte Business Journal:

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Sacramento is the 12th-worst market for foreclosures in the with 1,391 sales — or about one of evert 1,024 homes. But the activityh in foreclosure sales in the region is a 20 percenr drop from ayear ago, according to . The regio n had 2,694 notices of defaulr — considered the first step in the foreclosurreprocess — and 1,673 notices of truster sales. Merced, Stanislaus and Yuba counties were the worst in the followed by San Joaquin andRiverside counties. foreclosures increased for the third-consecutive evidence that the housing market remains in Foreclosure salesincreased 24.7 percent in June compared to May, a slightlyh smaller increase than the previous two months.
Foreclosurw sales had jumped at least 30 percent in Aprilpand May, compared to the previoues months. Statewide, foreclosure sales in June were 8.2 percen t lower than a year ago. The brisk activity in foreclosures could continue in thelate summer, after notices of defaulrt increased 11.8 percent to 45,691 filings, the second-highest month on record, according to June’s notices of default are 10 percent highe r than a year ago.
Home lenders reporte d mixed resultsin June, possibl because of the California Foreclosure Prevention Act, which extendsw the notice of trustee sale by 90 Banks can avoid the 90-day extensionm by offering a comprehensive loan-modificatiohn program to homeowners. Bank of America’s filings droppe 49 percent last month, whilee CitiMortgage and Downtown Savings’ notices of trustee sales increased 69 percenrt and45 percent, respectively.