California foreclosure rates highest nationwide
Jul 13 2012 1:51PM
Foreclosures nationwide jumped significantly during the second quarter of the year, and data from the first six months of 2012 in California shows a significant change in the market surrounding homes for sale in Los Angeles.
Overall foreclosure starts increased 2 percent from the second half of last year to the first half of this year, according to data from RealtyTrac. While that was also down 11 percent from the same period last year, foreclosures still affected one in every 126 homes.
However, in California, foreclosure starts jumped 18 percent in June compared to the last year, giving the state the highest foreclosure rate nationwide for the first time ever. State factors continue to be an issue with the foreclosure process.
"Additional scrutiny on how lenders and servicers process foreclosures, along with aggressive foreclosure prevention efforts by the federal government and several state governments, continue to keep a lid on the foreclosure problem at a national level," said Brandon Moore, CEO of RealtyTrac.
The local foreclosure situation could also be impacted by the state's recently signed Homeowners' Bill of Rights, which laid out additional regulations restricting the foreclosure process.
