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Home arrow News arrow Business arrow Foreclosures: Concerns increase for market in 2011

Foreclosures: Concerns increase for market in 2011



    Foothills property foreclosures continued their rapid pace in 2010.
    In Tuolumne County, 2010 saw 1,762 foreclosures. That exceeds 2009 — a multi-decade high for the county — which tallied 1,657 foreclosures.
    The figures include the three stages of the foreclosure process: Notice of default, notice of trustee and the issuance of a trustee deed. Of those figures, 343 trustee deeds were issued in 2009 and 431 in 2010.

        Foreclosures also remained high in Calaveras County, which was hit even harder than Tuolumne County when the housing bubble burst in 2007 and 2008.
    Nationally, 2010 was a big year for foreclosures as well. The year saw more than 1 million people lose their home. In all, there were nearly 2.9 million foreclosure notices filed in 2010, according to online data tracker RealtyTrac.
    RealtyTrac noted that the foreclosure figures for 2010 would have been higher had banks not stalled foreclosures due to the “robo-signing” scandal, in which some big banks neglected to do proper paperwork, which has brought the ownership of certain homes into question.   
    Local figures show that foreclosures did decrease in October, November and December, compared to figures from the previous months. Tuolumne County saw 130 foreclosures in December, compared to December 2009’s 161.   
    As bad as 2010 was for real estate, experts say things are likely to get worse in 2011.
    RealtyTrac predicts that 2011 will see 1.2 million homes repossessed by lenders. But, the group says, 2011 will be the peak. Part of the reason for the foreclosure uptick, RealtyTrac says, is the foreclosures are expected to resume at their previous pace once the robo-signing issue is resolved.
    Tuolumne County real estate broker Jim Hildreth thinks that view is optimistic. He’s skeptical of recent reports that the economy is rebounding.
    “It’s not rosy out there,” he said.
    “Are these foreclosures going away? No,” he added. “How long will it be? Conservatively, probably another four or five years.”

    Contact Walt Cook at This e-mail address is being protected from spam bots, you need JavaScript enabled to view it or 588-4530.

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Fri, 31 Oct 2014 00:08:31 -0700