Will the Golden State reduce the rate of California foreclosures in both the short-term in the long term? If an investor could answer this question he or she would be rich, to be honest. This issue is also being discussed in California and around the nation as people look at Golden State real estate markets and hope that the state’s leaders have gotten a handle on steadily increasing foreclosure rates.

Nationwide, during the recent recession, somewhere around 300,000 homes every month have been going into foreclosure. California is one of a dubiously distinguished group of states (six of them) that is currently contributing just about 60% of all foreclosures since at least late 2008. Of course, the markets went into steep declines at that time. Arizona, Florida and California contribute a total of 44% of foreclosures at present.

California also is the leader in the number of cities that have the highest rates of foreclosure, placing six of its municipalities within the top 10 nationwide. What this helps to do to the rate of California foreclosures is complex and it appears that California has some distance to travel if it hopes to get a handle on foreclosures while also bringing in increasing revenues from its property inventory.

Within California Modesto is number three and Sacramento is number four in that top 10 list. Other California cities are also sitting on the list at five through eight. The cities are pretty much spread throughout both the north and the south and it’s a good thing that California is so large. If it wasn’t, having six cities in the top 10 would prove fatal to just about any other state.

California, though, is refusing to quit and is hanging in there and working hard to begin pushing down California foreclosures in the best way it can. The federal government has been assisting by offering a number of different mortgage prevention programs, though a great many citizens in the state bought much more home at the peak of the real estate boom than they probably should have.

Many of these home owners are occupying properties that are worth less than half, in extreme cases, and what they paid for them. They owe much more on their homes and the home would be worth on the market. To compound issues, they got into these homes using exotic home loans that were bound to rise greatly in terms of payment. This has also increased the rate of CA foreclosures as well.

At present, 1 in every 409 homes in the country has begun to enter the first stages of the foreclosure process. In California, that rate is probably somewhat higher, meaning that it will be vital for leaders to stabilize real estate markets as best they can in order to ride out the continuing storm that the recession has caused, especially in California.

There has been signs lately that it just may be possible to get the rate of California foreclosures down to manageable levels once again. Recently, there’s been a month-over-month drop, both nationwide and in California. This could be extremely good news over the long-term. If things can be straightened out, California could once again become the “golden” state it once was.

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