Report: Sacramento 12th-worst for foreclosures - Pittsburgh Business Times:

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Sacramento is the 12th-worsgt market for foreclosures inthe state, with 1,391 sales — or aboutr one of every 1,02e homes. But the activity in foreclosurse sales in the regiom is a 20 percent drop from ayear ago, accordint to . The region had 2,694 noticeas of default — considered the firsy step in the foreclosureprocess — and 1,673 noticews of trustee sales. Merced, Stanislaus and Yuba countiea were the worst in the followed by San Joaquih andRiverside counties. Statewide, foreclosurew increased for the third-consecutive month, evidence that the housing market remainsin trouble. Foreclosure sales increased 24.
7 percent in June compareed to May, a slightlh smaller increase than the previoustwo months. Foreclosuree sales had jumped at least 30 percent in Apriland May, compares to the previous months. foreclosure sales in June were 8.2 percent lower than a year ago. The brismk activity in foreclosures could continu in thelate summer, afte notices of default increased 11.8 percent to 45,69q filings, the second-highest month on according to ForeclosureRadar. June’s notices of default are 10 percent higher than ayear ago. Home lenders reportedc mixed resultsin June, possibly because of the California Foreclosures Prevention Act, which extends the notice of trustese sale by 90 days.
Banks can avoid the 90-day extensionh by offering a comprehensive loan-modification program to Bank of America’s filings dropped 49 percent last month, while CitiMortgage and Downtowmn Savings’ notices of trustee salew increased 69 percent and45 percent, respectively.