California saw a modest increase in Foreclosure Sales despite lender announcements of holiday moratoriums. Also surprising was a drop in the time to foreclose, since foreclosures typically get extended over the holidays.
An event of particular note this month was an unexpected spike in the Cancellations of Foreclosure in California, with an increase of 45.8 percent from the prior month. Almost the entire increase occurred in Los Angeles County where over 5,000 sales were cancelled. This looks to have been caused by a city ordinance eliminating the trustee sale location in Norwalk. We expect many of the cancelled sale dates to be reissued at a new location within the county soon.
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