Posts Tagged ‘Percentage’

Fewer local, state homeowners entered foreclosure process last quarter

By Robert Lewis
rlewis@sacbee.com
Published: Tuesday, Apr. 19, 2011 – 11:13 am

The number of homeowners entering foreclosure dropped sharply regionally and statewide last quarter, according to new figures LaJolla-based researcher DataQuick Information Systems released today.

Notice of default filings dropped 19 percent in Sacramento County last quarter when compared to the first quarter of 2010. Statewide the drop was 15.8 percent.

In all 68,239 notices of default – the first step in the foreclosure process – were filed statewide from January through March. That’s the lowest quarterly total since the second quarter of 2007 when 53,493 notices were recorded, according to DataQuick.

“Lenders and servicers have put various temporary holds on foreclosure filings while they work on procedural issues and respond to regulatory and legal challenges. It’s unclear how much of last quarter’s decline can be attributed to market factors and strategic decisions, and how much can be attributed to the formalities of the foreclosure process,” John Walsh, DataQuick’s president, is quoted as saying in a press release accompanying the figures.

The actual number of completed foreclosures – based on the number of Trustee’s Deeds recorded – was up less than 1 percent statewide. In Sacramento County, there were nearly 3,100 foreclosures, an increase of 7.2 percent year over year.

The DataQuick figures come a week after another researcher, RealtyTrac, released its own foreclosure figures. That company also showed a drop in filings. RealtyTrac has, however, taken a pessimistic view of the decline – saying there is a backlog and that there could be a spike of foreclosure activity in upcoming quarters.

To see more DataQuick figures visit the firm’s website at www.dqnews.com.

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Foreclosure sales increase in March

March foreclosure sales rose 35.1 percent in California, according to the latest ForeclosureRadar report. 

Notice of Default filings in California rose to their highest level since October 2010, up 17.3 percent month-over-month to 26,615 filing. Notice of Trustee Sale filings declined for the third consecutive month, down 3.3 percent overall from February.  Year-over-year foreclosure filings were down with Notice of Default filings falling 19.7 percent and Notice of Trustee Sale filings dropping 31.0 percent from March 2010. 

After a slow February, foreclosure sales rose with sales Back to Bank (REO) up 28.6 percent and properties Sold to 3rd Parties, typically investors, jumping 61.5 percent. On a daily average basis those increases were just 5.0 percent for sales Back to Bank (REO) sales and 24.3 for properties Sold to 3rd Parties. The average Time to Foreclose continues to climb, up 4.1 percent month-over-month to 302 days, a significant 83.4 percent increase year-over-year, and a new record.

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California home sales decline from previous month, year

California home sales declined in October, from both the previous month and previous year, according to data from C.A.R. 

Statewide home resale activity declined 3.5 percent in October to a seasonally adjusted annualized rate of 450,360, down from September’s revised pace of 466,930, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide.  The October pace was down 19.6 percent from the revised 560,390 sales pace recorded in October 2009.

“October’s home sales figures reflect the seasonal decline in sales that typically occurs this time of year.  Additionally, persistent worries about the economy and job security are affecting home sales, despite low mortgage rates and strong affordability,” said C.A.R. President Beth L. Peerce.

The median price of an existing, single-family detached home sold in California during October was $304,220, down 1.8 percent from September’s $309,720 revised median price.  October’s median price was up 2.3 percent from the $297,500 median price recorded for the same period a year ago, marking 12 consecutive months of year-over-year price gains.

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