Home > Uncategorized > The Foreclosure Report – March 2011

The Foreclosure Report – March 2011

Foreclosure sales rose dramatically in most of our coverage area, though much of the increase was due to March having more days than February. In California foreclosure sales increased 35.1 percent overall, but rose just 10.5 percent on a daily average basis. Nevada foreclosure sales, however, bounced back dramatically after falling in February, rising 109.5 percent even on a daily average basis. Foreclosure starts, when viewed on a daily average basis, declined across our coverage area in March, though the overall number of filings increased in California, Nevada and Washington due to the longer month. Time to Foreclose continues to increase across the board, most notably in Nevada, where sales were impacted by a local court ruling.”Between government intervention, internal issues within the banks, and even simple deviations like the number of days in the month, it is easy to come to the wrong conclusions about foreclosure activity,” says Sean O’Toole, CEO and Founder of ForeclosureRadar.com. “The one thing that remains clear is that while the process has slowed, there remains no consensus on a viable solution other than foreclosure to eliminate the excess mortgage debt that has left millions underwater and continues to hinder the broader economy.”
Notice of Default filings in California rose to their highest level since October 2010, up 17.3 percent month-over-month to 26,615 filings, but only increased 3.2 percent on a daily average basis. Notice of Trustee Sale filings fell for the third consecutive month, down 3.3 percent overall from February, and 25.2 percent on a daily average basis. Year-over-year foreclosure filings were down with Notice of Default filings falling 19.7 percent and Notice of Trustee Sale filings dropping 31.0 percent from March 2010. After a slow February foreclosure sales rose with sales Back to Bank (REO) up 28.6 percent and properties Sold to 3rd Parties, typically investors, jumping 61.5 percent. On a daily average basis those increases were just 5.0 percent for sales Back to Bank (REO) and 24.3 for properties Sold to 3rd Parties. The average Time to Foreclose continues to climb, up 4.1 percent month-over-month to 302 days, a significant 83.4 percent increase year-over-year, and a new record.
View all California stats by state, county, city or ZIP

Dave & David Warner
First Team Real Estate
949-547-0480Dre #’s 01236069-01236519

  1. April 30, 2011 at 7:05 AM

    .After adjusting for this difference in days we find little month-over-month change in the statistics with the .exception of Notices of Trustee Sale which declined 13.4 percent Cancellations which rose 40.0 percent .and Sales to 3rd Parties which rose 8.0 percent on a daily average basis. The 40 percent increase in cancellations this month .is likely just the beginning of what we expect will be a wave of cancellations under this program . With just 18 .recording days in November versus 22 in October average daily filings of Notices of Default only declined 1 .percent while Notices of Trustee Sale declined 13.4 percent from the prior month.

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