The latest Foreclosure Radar Report stats are available to take inventory of July’s foreclosure market statistics. July saw inconsistent results for foreclosure activity. While foreclosure filings rose in June, they dropped in July. However, foreclosure sales took the opposite route and rose in July after dropping in June.
Third parties such as investors are usually able to purchase properties at trustee sale at a notable discount, but county to county these discounts differed greatly. Orange County, for example, only saw discounts of 15.3% from market value. Kern and Fresno Counties, however, offered discounts bordering 30%. The average discount was 21.6% across California.
According to the Foreclosure Radar Report founder and creator, Sean O’Toole, “Lenders and government intervention continue to delay foreclosures despite their continued failure to find a long term solution to unsustainable negative equity.”
In other interesting trends…
– Notice of Trustee Sale (the homeowner’s final notice before sale) was down 30.54% from last year.
– Cancellations (due to loan medications, short sales, a filing error, or a legal requirement to re-file the notice) were up 75.10% from last year.
– The time to foreclose (the total time from the filing of the Notice of Default to the sale of the property at trustee sale) is up 20.56% from the prior year.
ForeclosureRadar.com is the only website that reveals everything you need to know about the activity and trends in the California foreclosure market and provides daily auction updates. Foreclosure Filings, Foreclosure Outcomes, Foreclosure Inventories, Foreclosure Discounting, Foreclosure Timeframes, even Foreclosure Activity organized by County – everything you need to know is in one place.
ForeclosureRadar.com FULL REPORT.
Grace Borzini
Your Oak Shores Real Estate Expert
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