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Economy

California Home Repossessions Up In June

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New real estate data released Thursday show a mixed picture of foreclosure activity in California.

Research firm RealtyTrac reports there were 12,800 California properties with foreclosure filings in June — down 15 percent from a year ago.

RealtyTrac’s Daren Blomquist said that continues a long term downward trend.

"We’ve now seen 31 consecutive months in California where foreclosure activity has been declining on a year over year basis,” Blomquist said.

That’s overall foreclosure activity beginning with the notice of default, then the auction listing, and finally the bank repossession.

Blomquist said what’s driving the overall activity down is foreclosure starts, or notices of default, are down 21 percent from last year. However, bank repossessions are up 18 percent from a year ago.

“A lot of people who’ve been in trouble for several years are finally being foreclosed on — that’s where we’re seeing the increase,” Blomquist said.

The average time to foreclose during the second quarter decreased from a year ago by seven percent. Blomquist said it’s a sign that banks are working through delayed foreclosures.

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