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A new report from the online site, RealtyTrac says the foreclosure crisis may be closer to its end in California than it is in the rest of the country. But foreclosures in California are still expected to increase by ten percent this year.
Daren Blomquist (BLOOM-kwist) with RealtyTrac says many banks put a hold on foreclosures last year while negotiations with state attorneys general were taking place. Now that the states have settled, Blomquist says the number of foreclosures will quickly rise.
REALTY1A :18 “Home prices are probably going to, you know, not appreciate very quickly –if at all- in the short term for 2012. But, pushing through these delayed foreclosures I think in the long run is going to help the market hit a true bottom and then we can see home prices increase at a normal pace from there.”
Blomquist says the foreclosure rate for the U.S. should increase by 25 percent this year compared to last. There were more than 51 thousand California homeowners in some stage of default last month.
