Real Trends Reports on California Foreclosures and declining number of Realtors

by THE WAV GROUP on July 29, 2008

(IRVINE, Calif.) – The housing research
firm RealtyTrac reports foreclosures continue to plague the housing market, with the number of homes currently in the foreclosure process reaching 739,714, a 14 percent increase over the first quarter and 121 percent increase over the same period in 2007.
The company says one in every 171 U.S. households received a foreclosure filing during the quarter.

Although much of the foreclosure activity is concentrated in Nevada, California, Florida, Ohio, Arizona and Michigan, RealtyTrac CEO James Saccacio said almost all areas of the country are seeing some increase.

In hard-hit Nevada, 1 in every 43 households received a foreclosure filing during the second quarter, RealtyTrac said. In California, it was 1 in every 65 households.
The city with the highest foreclosure rate was Stockton, Calif., where 1 in every 25 households received a foreclosure filing this quarter.

Secondary Impact

(SACRAMENTO, Calif.) – California Real Estate Commissioner Jeff Davi says the number of real estate agents in the state is beginning to fall, even as enforcement actions against problem agents is on the rise.

At 541,000 licensees, California has more real estate agents than any other state – 1 in every 53 adults is licensed – but that number has declined from 2007 when there were 548,000 licensees.
Davi also said the number of new applicants for licenses was down substantially.

The commission said enforcement actions continued to grow in the state plagued with mortgage fraud. In 2003 there were 6,500 cases brought against agents, compared to 9,000 in 2007. He expects more than 9,500
to be filed this year.

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