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CA Foreclosure Acitivty Slows in April (Surprisingly)

The Foreclosure Report:

“Foreclosure activity slowed in April. Foreclosure filings were down in Arizona, California, Nevada and Washington, with Oregon being the sole exception where filings were up. California filings were down to levels not seen since late 2008, when governmental intervention caused a temporary but massive drop in activity. Notably, cancellations were up significantly across the board, leaving fewer properties scheduled for trustee sale.”

Foreclosure Filings—Notice of Default filings are the first step in the foreclosure process. Notice of Trustee Sale filings set the date and time of an auction, and serve as the homeowner's final notice before sale.

“The drop in filings, and rise in cancellations is surprising,” says Sean O’Toole, CEO and Founder of ForeclosureRadar.com. “Banks have had time to resolve robo-signing issues, so we should be seeing exactly the opposite results, with lenders starting to catch up from recent delays.”

“California Foreclosure filings in California fell to lows not seen since the fall of 2008. Notice of Default filings dropped 25.8%, and Notice of Trustee Sale filings fell 10.9% from March. On a year-over-year basis foreclosure filings were down as well, with Notice of Default filings down 28% and Notice of Trustee Sale filings falling 31.2% from April 2010. Foreclosure sale cancellations rose 27% from March. Acivity on the courthouse steps slowed from the prior month, with 17.2% fewer sales Back to Bank and a 15.8% drop in properties purchased by 3rd Parties, typically investors. The average Time to Foreclose continued to climb, increasing 3.3% to 312 days.”

What do you think of these stats? Market is improving, or there’s still more to come, this is just a transitioning happening?

Source: ForeclosureRadar.com

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