Local foreclosure, mortgage delinquency rates rise
| Tuesday, Jul 07 2009 06:16 PM
Last Updated Tuesday, Jul 07 2009 06:16 PM
Bakersfield's foreclosure and mortgage delinquency rates for the month of May have increased from the same time last year, a report released Tuesday detailed.
In the market, which covers all of Kern County, 13.6 percent of mortgage loans were 90 days or more delinquent in May, according to First American CoreLogic, a Santa Ana-based firm that tracks the real estate industry. That compares to 8.10 percent in May 2008.
The report also said Bakersfield's rate of foreclosures was 4.9 percent in May. That's an increase of 2 percentage points from the same time last year, when the rate was 2.8 percent.
Bakersfield's foreclosure rate was higher than the national average of 2.5 percent.
From June 2008 to May 2009, there were 28,226 foreclosure filings in Bakersfield, according to First American CoreLogic. That's about 77 a day. The firm includes default notices, notices sent when a home is scheduled to be auctioned and when the property has sold at auction in that count.
And according to a local real estate expert, that number won't go down any time soon.
Nance Fillmore, president of the Bakersfield Association of Realtors, said the market is just getting into another wave of foreclosures, one that could last until the beginning of next year.
"Once we go through it we'll return to a relatively normal market," she said. "But we are going to have this for a while."
