California Pre-Foreclosures Drop To Lowest Number In Five Years

California Pre-Foreclosures Drop To Lowest Number In Five Years

California Pre-Foreclosures Drop To Lowest Number In Five Years

California Foreclosure Numbers Continue to Drop, Short Sales Up

We keep hearing that pre-foreclosures and foreclosures continue to drop and now we see the actual numbers of California homes entering the formal foreclosure process dropped in the second quarter to its lowest level since early 2007.

We can chalk up the decline to a number of factors including that many of the bad 2005-2007 mortgages out there have either been foreclosed already as well as that many homeowners have opted to head off the foreclosures through short sales.

According to DataQuick, California recorded a total of 54,615 Notices of Default from April through June, down 3.6 percent from 56,633 in second-quarter 2011.

Here in the Bay Area we noticed a more noticeable year-over-year drop where the 8,572 NOD filings marked a 13.4 percent drop from 9,893 a year ago. In Santa Clara County, 2012 (Q2) NOD filings dropped 17.8 percent from 2011 (Q2). In the second quarter of 2012 the numbers showed 1,474 NODs recorded in the second quarter of 2012, down from 1,793 in the second quarter of last year.

Short Sale Numbers Up In California

As one might expect, foreclosure resales varied significantly in the State from 7.3 percent here in San Francisco County to 47.4 percent in Madera County. Meanwhile, short sales made up an estimated 18 percent of statewide resale activity last quarter, up from 17.4 percent a year earlier as reported by DataQuick.

California Pre-Foreclosures Drop To Lowest Number In Five Years

California Pre-Foreclosures Drop To Lowest Number In Five Years

California Pre-Foreclosures Drop To Lowest Number In Five Years

California Pre-Foreclosures Drop To Lowest Number In Five Years

California Pre-Foreclosures Drop To Lowest Number In Five Years

California Pre-Foreclosures Drop To Lowest Number In Five Years

California Pre-Foreclosures Drop To Lowest Number In Five Years

California Pre-Foreclosures Drop To Lowest Number In Five Years

California Pre-Foreclosures Drop To Lowest Number In Five Years

California Pre-Foreclosures Drop To Lowest Number In Five Years

California Pre-Foreclosures Drop To Lowest Number In Five Years

California Pre-Foreclosures Drop To Lowest Number In Five Years

California Pre-Foreclosures Drop To Lowest Number In Five Years

California Pre-Foreclosures Drop To Lowest Number In Five Years

California Pre-Foreclosures Drop To Lowest Number In Five Years

California Pre-Foreclosures Drop To Lowest Number In Five Years

California Pre-Foreclosures Drop To Lowest Number In Five Years

California Pre-Foreclosures Drop To Lowest Number In Five Years

California Pre-Foreclosures Drop To Lowest Number In Five Years

California Pre-Foreclosures Drop To Lowest Number In Five Years

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2 Comments

Filed under California, Foreclosure, Mortgages, pre-foreclosure, San Francisco, short sales

2 responses to “California Pre-Foreclosures Drop To Lowest Number In Five Years

  1. Pingback: Mortgage Delinquencies Up In Second Quarter | Resource Blog

  2. Pingback: Mixed Foreclosure Trends In California | Resource Blog

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