CALIFORNIA FORECLOSURE FILINGS DROP

california   2Foreclosures “HAMPered” by Making Home Affordable Program
 
One of our key sources – ForeclosureRadar (http://www.foreclosureradar.com/) sent us some updated foreclosure info that we thought some of you would find useful. We’re busting at the seas with info so we’ll break the info into a few different posts. 
 
Foreclosure filings dropped both month-over-month and year-over-year, while the inventory of properties scheduled for foreclosure sale continued to grow, and foreclosure sales were flat.
 
Key findings for August 2009 include:
 
Notices of Default filings, the first step in the foreclosure process, dropped substantially from July to 36,396 filings, a 19.1 percent decrease. Year-over-year filings dropped by 14.2 percent from August 2008.
-Notice of Trustee Sale filings continued to swing wildly, dropping 15.1 percent from July to 33,362, after having jumped 31.6 percent from June to July. Year-over-year filings dropped by 8.1 percent from August 2008.

-Foreclosures scheduled for trustee sale increased to 131,300, a 5.1 percent increase from July, and an 89.1 percent year-over-year increase from August 2008.

-Foreclosures sold at auction increased 3.4 percent to 17,829 sales, with a combined loan value of $8.31 Billion. Year-over-year trustee sales remain 32.2 percent lower than August 2008. Just 13.4 percent of scheduled foreclosure sales were sold at auction this month, while 37.9 percent of scheduled foreclosure sales were sold in August 2008. The majority of sales are being postponed to a future date at either the lenders request or with their agreement.

-Sales to third party bidders rose 22.3 percent from July, with 3,280 foreclosures sold primarily to investors. As a percentage of total sales, sales to third parties continued to increase; though lenders still took back 81.4 percent of foreclosures at auction, representing 14,327 loans, a decline of 1.6 percent from July.

-Opening bids placed by lenders at trustee sale were an average of 39.5 percent lower than the loan balance, and 10.2 percent higher than estimated market value. Opening bids that did not result in a sale to a 3rd party were on average 19.9 percent higher than estimated market value, whereas those purchased by third parties were on average 29.7 percent below market value.

-Cancellation of foreclosure sales dropped by 7.5 percent from July to 9,976, with no signs yet that foreclosures being postponed for the new “Home Affordable Modification Program” are being cancelled after successful trial periods.
 
Stay tuned for more…
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Filed under California, Foreclosure, Loan Modifications, Mortgages

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