Bay Area Foreclosure Cancellations Increase

Bay Area Foreclosure Cancellations Increase

Bay Area Foreclosure Cancellations Increase

Bay Area Foreclosure Numbers Continue To Dwindle

Here in the Bay Area, we continue to see a rapid decline in the number of foreclosures.

According to ForeclosureRadar foreclosure cancellations climbed 60 percent in California from September to October, which marked the biggest jump since it began tracking cancellations in 2006. The Bay Area experienced a similar amount of cancellations.

The reason for the increase in cancellations can be attributed to many factors:

Many cancellations occur due a successful loan modification workout or short sale completion.

Other reasons for cancellations can be attributed to the banks when they create internal errors (e.g. robosigning) or other paperwork mistakes that cause the servicers to re-file the foreclosure.

Another factor would be the pending Homeowner Bill of Rights which takes effect on January 1, 2013 which gives homeowners more power against the banks for improper foreclosure proceedings and prohibits dual tracking.

Taking a look at the specific numbers Santa Clara County had 517 foreclosures cancelled in October which marked a 63 percent increase from September. The country saw only 138 foreclosure auctions.

Compare those figures to San Mateo County which had 209 foreclosure cancellations, a 50 percent increase. The county had only 62 foreclosure sales.

Over in Alameda County the numbers showed 576 foreclosure cancellations, a 52 percent increase, compared to 238 foreclosure sales. Contra Costa County had 548 cancellations, almost a 60 percent jump, compared to 308 foreclosure sales.

Notice Of Default Notices Down In Peninsula and South Bay

In continuing healthy real estate signs, notices of defaults (NOD) showed signs of slowing down both in the Peninsula and South Bay from the prior month. However, the numbers continued to rise in the East Bay.

In Santa Clara County, the number of NODs in October dropped 17 percent from September and San Mateo County saw a 19 percent drop. In the East Bay, NOD filings shop up 18 percent in Alameda County and 4 percent in Contra Costa County.

Bay Area Foreclosure Cancellations Increase

Bay Area Foreclosure Cancellations Increase

Bay Area Foreclosure Cancellations Increase

Bay Area Foreclosure Cancellations Increase

Bay Area Foreclosure Cancellations Increase

Bay Area Foreclosure Cancellations Increase

Bay Area Foreclosure Cancellations Increase

Bay Area Foreclosure Cancellations Increase

Bay Area Foreclosure Cancellations Increase

Bay Area Foreclosure Cancellations Increase

Bay Area Foreclosure Cancellations Increase

Bay Area Foreclosure Cancellations Increase

Bay Area Foreclosure Cancellations Increase

Bay Area Foreclosure Cancellations Increase

Bay Area Foreclosure Cancellations Increase

Bay Area Foreclosure Cancellations Increase

Bay Area Foreclosure Cancellations Increase

Bay Area Foreclosure Cancellations Increase

Bay Area Foreclosure Cancellations Increase

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Filed under Banks, California, Foreclosure, Loan Modifications, Mortgages, San Jose, San Mateo county, short sales

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