California’s home foreclosure rate shrunk last month.
Research firm RealtyTrac says the number of homes receiving a foreclosure filing in May fell 7-percent from the previous month and 30-percent from a year-ago.
In fact, California has seen 18-straight-months of year-over-year declines.
Daren Blomquist, with RealtyTrac, says while much of the nationwide drop in foreclosures can be attributed to fallout from the foreclosure processing controversy, California is different.
“We saw the declines begin in California before the so-called “robo-signing” issue hit in October of 2010,” he says. “And that’s when we really saw the nationwide numbers drop off a cliff. But in California, there’s a more positive trend that’s happening over the last 18 months. So it’s much more long term.”
RealtyTrac estimates that at the current sales pace, it would take 14-months to sell off the existing inventory of bank-owned homes in California.