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A total of 523,624 California properties received foreclosure filings, including default notices, auction sale notices and repossessions in 2008. This was a 110 percent increase from 2007 and almost five times as many compared to 2006.

The city Stockton registered the highest foreclosure rate in California and the nation with a 9.46 percent of its housing receiving a foreclosure filing during the year. Other California cities in the nation’s 100 largest metropolitan areas in 2008 included Riverside-San Bernardino at number 3, Bakersfield at number 4 and our own Sacramento at number 9.

Sacramento foreclosure filings impacted one in 19 properties or 5.2 percent of all homes. This compares to a rate of one in 54 across the country.

If you or someone you…

I was looking at the number of homes currently on the Sacramento area market, how inventory has changed in the past year and the impact on prices and value with so many homes for sale in preparation for writing my weekly columns for Rocklin & Roseville Today and Sacramento Today. I had promised myself I would avoid making predictions in such turbulent times but somehow when you write about how many Sacramento homes for sale last year and this year it seems impossible not to say where you believe this number will go by year-end. If you are interested in seeing what I had to say on the subject check out may latest article, “Sacramento Year End Inventory.” 

Martin Luther King Day

If you have been reading my blog, you know I have spent a good deal of time and energy over the past two years helping Sacramento area homeowners avoid foreclosure by doing short sales and/or loan modifications. In the past month or so I have been ranting about how difficult it has been to deal with Countrywide (“Countrywide Sucks,” published on December 9, 2008). Well, as of this morning we have had two approvals from them in the past week. The one we got this morning is a deal we have been working on since April of last year. The buyer has long since walked, the sellers have abandoned the property, the condition has deteriorated rapidly and the prices in the neighborhood have continued to decline. The price they have agreed to accept is significantly…

As soon as the holidays were behind us it seems like the media has again focused on the economy and in particular the negatives. I don’t know about you but when I hear too much negative news it impacts my mental attitude and slows me down. There are some bright spots in regards the Sacramento and the real estate market. I think we should understand the overall situation but take the time to remind ourselves of what is positive.