After being down across the board in May, the filing of new foreclosure notices in California rose in June, while foreclosure sales dropped, reports ForeclosureRadar.com.
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From the Web site:
“The number of foreclosure sales that were cancelled hit an all time record in June, but the increase was primarily driven by just one lender, JP Morgan Chase, and it’s acquisitions including Washington Mutual. Although the number of properties purchased by 3rd parties at auction dropped significantly, they purchased nearly the same percentage of the total properties sold, and at a better discount-to-market value then we’ve seen in months.”
Said Sean O’Toole, founder and CEO of ForeclosureRadar:
“Historically it is very unusual to have more Notice of Trustee Sale filings than Notices of Default. But with skyrocketing cancellations and the possibility of failing loan modifications, this will be increasingly common, as lenders are only required to file a Notice of Trustee Sale to restart the foreclosure process.”
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Highlights:
- Notices of trustee sales were up 21.93% from May and 11.56% from June, 2009.
- Notices of defaults were up 6.74% from May but down 45.24% from last June.
- Cancellations of foreclosure auctions went up 27.09% from May and 153.19% from June a year ago.
- Homes that went back to banks went down 23.73% from May and 46.71% from last June.
- Property sold at foreclosure auctions to investors dropped by 26.24% from May but went up 10.73% compared to June 2009.
- Investors’ winning bids compared to market value: -18.9%.
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