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California foreclosures hit three-year high
Second quarter California foreclosure activity rose at the fastest pace in at least 14 years, the result of waning home price appreciation, according to figures compiled by DataQuick Information Services, a La Jolla-based real estate information company. Lenders sent 20,752 default notices to homeowners statewide during the April-through-June period. That was up 10.5 percent from 18,778 the previous quarter and up 67.2 percent from 12,408 in the second quarter of last year, DataQuick says. Last quarter's year-over-year increase was the highest for any quarter since DataQuick began tracking defaults in 1992. Notices of default are formal documents filed with the county recorder's office and mark the first step in the foreclosure process. The number of Central Valley homes and condos falling into the foreclosure process was up 85.1 percent in the second quarter, compared to a year earlier, according to DataQuicks figures.
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Sales of new homes surge
After a six-month slump that sparked fears of a free-falling real estate market in the capital region, sales of new homes rebounded in April, May and June, according to figures to be released today. Prices in most areas remained fairly stable.
Sacramento-area home builders sold 3,124 homes during the three-month period, a 51 percent jump over the first quarter of 2006, the Folsom-based Gregory Group, a research firm and home-builder consultant, reported.
Sales rose in five area counties, with the highest gains in Placer County, home to fast-growing Roseville, Rocklin and Lincoln, and Yuba County, where sales picked up at new Plumas Lake subdivisions. The other counties included in the report are Sacramento, Sutter, Yolo and El Dorado, the only county to show a decline in the number of new homes sold.
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