Foreclosure rates rise in both Yuba-Sutter County
The number of notices of default, which is the first step in the foreclosures process, has fallen in both Yuba and Sutter County from a year ago. However, the number of defaults recorded from the previous quarter of 2010 is up 38% and 15% for Yuba and Sutter County, respectively.
Homes lost to foreclosure in Yuba and Sutter County was down 3.6% in Yuba County, but up 7.2% in Sutter from a year ago. Homes lost to foreclosure rose in both counties from the previous 2010 quarter.
| Notices of Default (first step in foreclosure process) | |||||
| County | 2009 Q3 | 2010 Q3 | Yr/Yr % | 2010 Q2 | Qr/Qr % |
| Yuba | 312 | 282 | -9.6% | 173 | 38% |
| Sutter | 403 | 282 | -30.0% | 239 | 15% |
| Trustees Deeds Recorded ( homes lost to foreclosure) | |||||
| Yuba | 196 | 189 | -3.6% | 181 | 4.2% |
| Sutter | 152 | 163 | 7.2% | 154 | 5.5% |
| Statewide | 111,689 | 83,261 | -25.4% | 70,051 | 19% |
What does this mean? Here is my breakdown of the data.
First, the number of distressed homeowners in Yuba and Sutter County continues to rise. It also appears that the rate at which banks are foreclosing is increasing. Those homes that do go all the way to foreclosure are probably homeowners that were not able to work out a loan modification or short sale.
We could see the number of foreclosed homes on the market rise over the next few quarters bringing home prices down further. However, the faster we can work through the inventory of distressed homes the sooner we can return to some normalcy in the housing market and possibly return to the days of rising homes values.
Source: DataQuick Infomation Systems.
Real Estate Update
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October 2010
