Hanford's foreclosure rate continues to climb, according to recent data released.

Nearly 2 percent of outstanding mortgage loans were foreclosed in March, a 30 percent jump from March 2008. Twice as many local home buyers were behind in payments, according to the data made public Thursday.

The numbers come on the heels of information released earlier in the week that the national foreclosure rate jumped 32 percent in April compared to a year ago.

More than 342,000 American homes received at least one foreclosure-related notice in April, the second straight month with more than 300,000 homes facing a foreclosure filing.

California had the third highest foreclosure rate in the nation, with one in every 138 households.

Among cities nationwide, the following San Joaquin Valley cities ended up in the top 10: Merced, Modesto, Stockton and Bakersfield.

Hanford is nowhere near the top 10, according to Mark Raeber, a Hanford realtor.

But for the past 12 months, Hanford has averaged more than five foreclosures a day, double the rate in the previous 12-month period of April 2007 to March 2008, according to First American CoreLogic.

"We've got a big flush going on right now," Raeber said.

It seemed for a while that the rate was declining, but that was only because foreclosures were temporarily halted by mortgage finance companies Fannie Mae and Freddie Mac, along with many other lenders.

That moratorium ended in April, Raeber said. Mortgage companies have resumed cracking down on delinquent loans.

Many of those were so called "pick your payment" loans in which buyers paid only the interest or even just portions of the interest.

Now their payments are being ratcheted up significantly to reflect the true cost of the loan, Raeber said.

The huge number of foreclosures has depressed real estate prices, creating a buyer's market in California.

First-quarter home sales fell in all but six states -- Nevada, California, Arizona, Florida, Virginia and Minnesota -- where buyers have been able to grab foreclosed homes at discounts, the National Association of Realtors reported Tuesday.

Raeber thinks prices have hit the bottom and are going to stay there for some time before slowly creeping up. He figures that foreclosure rates will hold steady in the next 12 months.

For those who can afford it, now is a good time to buy, he indicated.

The Associated Press contributed to this story. The reporter can be reached at 583-2432.

(May 18, 2009)