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Repossessed homes backlog is reported in California in May. According to data, about 111,824 distressed properties in California were scheduled for auctions.

Foreclosure has spread rapidly across California making it number 3 among the states with highest foreclosure rate in the first quarter of 2009. The growing number of distressed homeowners has encouraged some unscrupulous people to take advantage of their desperation to avoid foreclosure.

Real estate data company, MDA DataQuick revealed that California foreclosure rate hit over 236,000 last year while the total number of homeowners who failed to meet their monthly mortgage peaked at 404,000.

An increase of 85% in home sales for August, followed by a 65% increase the following month brought vitality back to California’s real estate market. However, with millions of foreclosure properties still on the inventory list of banking and lending institutions, with hundreds of thousand new cases coming in each month, the state’s market stability may only be achieved until the middle of 2010.

Funds close to $4 billion dollars were distributed to state and local officials, including California, as part of the Federal Housing and Economic Recovery Act. This would be a great help for this state in its bid to stem the tide of increasing California foreclosure properties.

California Governor Arnold Schwarzenegger has released a package of proposals to revise mortgage laws to help Californians stay away from foreclosure and to revitalize the state’s economy.

According to a report released by MDA DataQuick, Southern California home sales volume, particularly in San Diego County, has rebounded while homes prices in almost all counties plunged at a six year-record low.