By Carole Hawkins–
Data from a new report released last week shows the number of Citrus Heights homeowners who are facing foreclosure is stable and low, while markets statewide and nationally are experiencing different trends.
In August, only one in every 2,536 homes in Citrus Heights had a foreclosure filing, according to ATTOM Data Solutions, a national property data warehouse. That figure tracks well-below the national average of one in every 1,910 homes and also below the California average of one in every 2,190 homes.
According to city-level data provided to The Sentinel by ATTOM, Citrus Heights also outperformed nearby areas of Roseville and Sacramento, whose more frequent foreclosure filings occurred at a rate of one in every 2,441 homes and one in every 2,282 homes respectively.
“At this point it looks like foreclosure activity in Citrus Heights has leveled off at a low level, with activity unchanged from a year ago,” Daren Blomquist, senior vice president of ATTOM, said in an email.
Nationally, the frequency of foreclosures has seen a nearly decade-long drop. In 2010, U.S. foreclosures peaked at 2.23% of homes that year. By 2017, they were down to half of one percent, according to a report from ATTOM earlier this year.
The national average of foreclosure rates in August are tracking 7% lower than last year, but are up 9% since July. Foreclosures started heating up over the summer, with nearly half of U.S. markets showing increased foreclosure starts in July, ATTOM data shows.
California, which was one of 21 states that posted a year-over-year increase, was up 3%. Foreclosures in Los Angeles and San Francisco increased of 20% and 10% respectively.
The increase in foreclosure starts is not just a one-month anomaly, Blomquist said. In many local markets it represented the third consecutive month they had occurred.
“Gradually loosening lending standards over the past few years have introduced a modicum of risk back into the housing market, and that additional risk is resulting in rising foreclosure starts in a diverse set of markets across the country,” he said. “Most susceptible to rising foreclosure starts are affordability-challenged markets where homebuyers are more financially stretched and markets with some type of trigger event such as a natural disaster or large-scale layoffs.”
Highlights from the latest report can be viewed online at attomdata.com.