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1 in every 57 Manteca homes enter foreclosure from January to June

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POSTED July 27, 2012 1:30 a.m.

One in every 57 homes in Manteca went into foreclosure during the first six months of this year.

There were 374 notices of default filed between January and June. That reflects a slight drop off from the peak of the mortgage crisis when an average of 440 homes every six months went into foreclosure. It is also 104 less homes that went into foreclosure in the last six months of 2011. Overall, 852 homes have entered the foreclosure process in Manteca during the past 12 months.

A slight upswing has been seen in the current month with legal notices of foreclosure involving Manteca homes running about 10 percent ahead of last July.

Manteca is faring much better than Stockton that leads the nation in the first half of 2012 with 2.7 percent of its housing stock or one of every 38 homes in foreclosure.

Other Central Valley cities with high rates of new foreclosures were Modesto - which came in at No. 2 nationally - as well as Bakersfield and Visalia-Porterville. Other California metro areas on the Top 10 list were Riverside-San Bernardino-Ontario as well as Vallejo-Fairfield. The Top 10 nationally is rounded out by Atlanta, Phoenix, and Las Vegas.

Manteca had 57 foreclosure filings in June 2012 compared to 58 in June 2011.

Of the foreclosure filings over the past 12 months, one in every 10 in Manteca is being cancelled. That means either the loan holder has become current in payments or they have been placed into new loans. One in 13 are sold in a short sale while the rest are taken back by the bank and have either been resold or are about to be resold.

More than 3,000 homes in Manteca have gone into foreclosure since the housing bubble burst in 2006. That translates into one in almost every eight homes in Manteca changing hands through the foreclosure process during the past four years.

A glimpse of the Manteca market shows there were 296 homes in the foreclosure process in Manteca in June. That’s up three from June 2011 but down from 393 in July 2011. That represents a 1.02 percent increase in foreclosure activity on a year-to-year basis

There were 234 homes scheduled for sale last month, down 11.07 percent from a year ago. Homes that are owned by a bank after foreclosure but not yet on the market numbered 172 in June, down 39.51 percent from last year at the sesame time.

That means last month there were 703 homes in Manteca in various stages of either being foreclosed or actually foreclosed compared to 844 a year ago.

A typical Manteca foreclosure last month sold for $190,000 compared to $213,000 in June 2011. That reflects a selling price 20.9 percent below the average published opening bid.

Homes in foreclosure in June in Manteca took 298 days to go through the process until the bank retook possession compared to 313 days a year ago. At the same time bank owned properties that sold in June took 178 days to get a deal and get in and out of escrow compared to 202 in June 2011.

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