posted May 17, 2011, 12:55 PM by Svetlana Raleigh
[
updated May 17, 2011, 12:59 PM
]
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 properties scheduled for trustee sale.
"The drop in filings, and the rise in
cancellations, is surprising," says Sean O'Toole, CEO and Founder of
ForeclosureRadar.com. "Banks have had time to resolve robo-signing
issues, so we should be seeing exactly the opposite results, with
lenders starting to catch up from recent delays."
California
Foreclosure filings in California fell to
lows not seen since the fall of 2008. Notice of Default filings dropped
25.8 percent, and Notice of Trustee Sale filings fell 10.9 percent from
March. On a year-over-year basis foreclosure filings were down as well,
with Notice of Default filings down 28.0 percent and Notice of Trustee
Sale filings falling 31.2 percent from April 2010. Foreclosure sale
cancellations rose 27.0 percent from March. Acivity on the courthouse
steps slowed from the prior month, with 17.2 percent fewer sales Back to
Bank and a 15.8 percent drop in properties purchased by 3rd Parties,
typically investors. The average Time to Foreclose continued to climb,
increasing 3.3 percent to 312 days.
View all California stats by state, county, city or ZIP
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