Bakersfield: The Fourth Rank Holder Nationally

Bakersfield, including the whole of Kern County, ranks fourth nationally for its number of foreclosure filings during the third quarter. According to a data, the foreclosure activity across the state in the third quarter would have been as same as that of the second quarter, if the change in law had not taken place in the real estate market. The report of the Kern County Recorder’s office show that the number of default notices declined from 1,326 in August to 542 in September. There has been a 12 percent decline nationally in the number of filings in September month from what it was in August. In September, one out of every 475 homes was sent a filing.

Real estate expert James J. Saccacio said that the 51 percent decline in the default notices of California greatly affected the national figure of foreclosure as this state accounted for about one-third of the filing every month across the country. Apart from California, the newly introduced law also brought down the foreclosure filing in North Carolina. The law in California states that the lender has to give a 30 days time period before beginning a foreclosure proceeding on the homeowner’s property. Before the introduction of this new law, nearly 2,000 default notices used to get filed in California on every business day.

As soon as the law was introduced, the number of daily filings came below 100. Though the new law was introduced, but several metro areas of California remained at the peak in its foreclosure filings for the quarter that lasted from July to September. Bakersfield metro area surpassed the foreclosure figures of the areas like Riverside/San Bernardino, Las Vegas, and Stockton. It has been found that over 2.5 percent households in Bakersfield were sent some type of filing during the third quarter. This amounted to 6,786 filings in total. Stockton has been reported with a foreclosure filing of nearly 3.7 percent during the third quarter.

During the third quarter, nearly 765,558 properties were sent some type of foreclosure filing across the nation. The share of national filing for Bakersfield would be some 0.88 percent. Foreclosure not only affects the real estate industry but also gives a severe blow to the economy of any region. Nothing can be said in advance about the future of the real estate in Bakersfield, but something has to be done sooner to control the rate of foreclosure.

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