Posted on Saturday, January 15, 2011
A recent report by ForeclosureRadar shows unexpectedly mixed foreclosure activity in its coverage area for the month of December.
The California-based firm tracks foreclosures and provides auction updates for Arizona, California, Washington, Nevada, and Oregon.
According to the company, foreclosure starts were down in Arizona, California, and Washington; flat in Nevada; and higher in Oregon. Foreclosure sales were down in Arizona and Oregon; flat in California and up in Nevada and Washington.
According to a statement by Foreclosure Radar, the results were surprising because most of the big lenders service all of the states they cover. The company speculated that the differences in activity across the states could be in part because of the differing laws between states that servicers must abide by.
“Servicers appear to have their hands full and it may be a while before foreclosure activity stabilizes,” said Sean O’Toole, CEO and founder of ForeclosureRadar. “While it seems unlikely at the moment, it is our hope that 2011 will bring clarity to the foreclosures process for all involved.”
In Arizona, notice of trustee sale filings fell 11 percent in December to 7,428 filings. Foreclosure sales increased 17.2 percent from November.
California notice of default filings declined 16.7 percent in December, and notice of trustee filings rose 1.5 percent. Foreclosure sales dropped .07 percent. The time it took investors to resell properties purchased at auction is currently 157 days on average for the state.
In Nevada, notice of default filings declined 2.3 percent during the month. Foreclosure sales rose 24.3 percent and cancellations rose 39.8 percent in December.
Oregon notice of default filings increased by 18.4 percent and notice of trustee sale filings increased 7.4 percent. Foreclosure sales dropped for banks and third parties, by 20.8 and 23.1 percent, respectively. Notice of default filings are down 19.3 from the same month in 2009. Notice of trustee sales are down 40.4 percent from 2009 and foreclosure sales are down 38.6 percent from a year prior.
In Washington, notices of trustee sales were down 20.1 percent from November and 44.5 percent from October. Foreclosure sales increased 15.1 percent for both bank purchases and third party purchases.
By: Joy Leopold, DS News