It’s here! The latest ForeclosureRadar.com report and I think we are all a little anxious to hear the results of the month that ended with the tax credit deadline. April has hit a new record for the year of 2010 with the lowest results in Foreclosure filings yet. However, offset by an increase in the time to foreclose, the inventory of properties in preforeclosure only dropped slightly. One measure that is going up is the number of cancellations, up 32 percent from the beginning of 2010.
What does the founder and CEO of ForeclosureRadar.com, Sean O’Toole, have to say about these results? “The steady rise in cancellations leads us to believe that loan modifications and short sales are gaining traction,” says O’Toole. But he warns us that cancellations also occur due to filing errors.
A few other interesting results from this month’s report:
The Notice of Default filings (the first step in the foreclosure process) are down 41.2% from 2009.
The number of cancellations compared to last year is up a whopping 174.37%. A cancellation can occur because of a successful short sale, a filing error, or a legal requirement to re-file the notice.
All foreclosure timeframes were up compared to the prior month, with Time to Foreclose being up 6.22%, Time to Resell for Bank 6.47%, and Time to Resell for 3rd Parties up 5.88%.
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.
To see the full report, click here!
Grace Borzini
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