Foreclosure storm continues in CA's Central Valley


California's Central Valley could use a rainbow right about now.

Inquiring minds are asking, “Where’s the bottom?” with respect to foreclosures in California’s Central Valley. Trouble homeowners are seeing mixed foreclosure data there:

The rate that families are losing their homes to foreclosure is easing in some parts of the Central Valley, especially where the mortgage meltdown came first and was the most ferocious, according to figures Thursday from real estate information company CoreLogic of Santa Ana.

But in other parts of the Valley, the rates are increasing.

Foreclosure rates in the Sacramento metropolitan statistical area, which includes the Arden-Arcade and Roseville areas, increased in April over the same period last year, according to CoreLogic (NYSE: CLGX).

The truly amazing thing is that Stockton and Merced, the foreclosure capitals of the world, are STILL looking at tough times ahead:

But the glimmer of good news may be fleeting. CoreLogic says Stockton’s mortgage delinquency rate has increased. According to it data for April 2010, 17.7 percent of mortgage loans were 90 days or more delinquent compared to 14.1 percent for the same period last year.

Foreclosure activity in Merced is higher than the national foreclosure rate which was 3.20 percent for April 2010, representing a 2.17 percentage point difference.

Also in Merced, the mortgage delinquency rate has increased, according to CoreLogic, which says that in April 18.9 percent of mortgage loans were 90 days or more delinquent compared to 16.9 percent for the same period last year.

My heart goes out to the families of the Central Valley. These are tough times but we will make it through them.

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