San Luis Obispo and Monterey counties newest ForeclosureRadar report is up touting the foreclosure market statistics for June! It was a record-setting month for the number of foreclosure notices that were cancelled. At the source of this record-setting increase was Lender JP Morgan Chase and it’s acquisitions including Washington Mutual.
Other noteworthy trends include:
– 153% increase in cancellations from the prior year.
– .99% decrease in foreclosure inventories scheduled for sale from last month – barely a change.
– 45% decrease in notice of default filings compared to last year.
One other very interesting trend to emerge this month – there were more Notice of Trustee Sale filings than Notices of Default. This is, historically, very unusual, but according to Sean O’Toole, Founder and CEO of ForeclosureRadar.com, “With skyrocketing cancellations and the possibility of failing loan modifications, this will be increasingly common.”
Notice of Default filings are the first step in the foreclosure process, while Notice of Trustee Sale filings set the date and time of auction and serve as the final notice before sale.
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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