The foreclosure rate in San Benito County has fallen nearly 18
percent in the past two months’ figures and nearly 44 percent from
this time last year, according to the most recent report released
by RealtyTrac.
The foreclosure rate in San Benito County has fallen nearly 18 percent in the past two months’ figures and nearly 44 percent from this time last year, according to the most recent report released by RealtyTrac.
A total of 114 homes were in some stage of foreclosure in October, including 49 homes that were issued a notice of default, according to RealtyTrac, an online marketplace of foreclosure properties, with more than 1.5 million listed properties. The numbers are a dramatic decrease from last year’s 203 foreclosure-related reports.
The county now has a foreclosure in 1 out of every 156 homes, according to RealtyTrac.
Overall, the county’s foreclosure rate is trending down, according to RealtyTrac numbers. Statewide, foreclosures decreased by nearly 4.5 percent from September and less than .05 percent from this time last year.
The county is now ranked 19th worst in the state for foreclosures. In September of 2008, the county was second worst in the state with 256 homes in some stage of foreclosure.
Realtor Ray Pierce thinks the drop in “end-of-the-year” foreclosures is because the banks want to give homeowners a break for the holiday season.
“I think the banks just wanted to give everyone a breather for the holiday period,” Pierce said. “I just don’t think the banks want to see a picture in the newspaper of a family losing its home with a Christmas tree in it. I think that has a lot to do with it.”
Pierce expects the numbers to rise once again after the holiday season but only slightly, he said.
“The numbers are staring to show some stability,” he said “But it all depends on jobs.”
For the full story, see the Free Lance on Tuesday.
