Sean O’Toole from ForeclosureRadar.com just released this new information about foreclosures in the key distressed property states.
Bottom line: Banks are canceling..further delaying foreclosures. Don’t be confused and assume there is any sort of DECREASE in the number of homes that will become short sales and REOs. The banks are doing this because they can’t handle the enormous growing volume of distressed property..they simply don’t have the staff. Also, the lenders know that home values are decreasing again (Double Dipping) and they are fearful that added inventory will only decrease home values.
NOTE: Harris Real Estate University will be providing a FREE REO and BPO training class this Thursday. Go here now for the information you need to attend.
FORECLOSURE FILINGS DECREASE TO LOWEST LEVEL IN YEARS, WHILE FORECLOSURE CANCELLATIONS INCREASE
Foreclosure activity slowed in April. Foreclosure filings were down in Arizona, California, Nevada and Washington, with Oregon being the sole exception where filings were up. California filings were down to levels not seen since late 2008, when governmental intervention caused a temporary but massive drop in activity. Foreclosure sales saw similar declines throughout our coverage area, except Washington. Notably, cancellations were up significantly across the board, leaving fewer propeties scheduled for trustee sale.
Key month over month trends for April include:
State Notice of Default Notice of Sale Back to Bank Sold to Third Party Arizona n/a -27.9% -22.2% -15.4% California -25.8% -10.9% -17.2% -15.8% Nevada -17.8% -23.7% -2.7% +6.9% Oregon +236.3% +12.5% -14.8% +38.7% Washington n/a -12.1% +38.7% +40
