California and San Diego March 2011 Foreclosure Report

by | Apr 14, 2011 | Latest News, San Diego Foreclosure news, San Diego Real Estate | 0 comments

California Foreclosure Trend

Notice of Default filings in California rose to their highest level since October 2010, up 17.3 percent month-over-month to 26,615 filings, but only increased 3.2 percent on a daily average basis. Notice of Trustee Sale filings fell for the third consecutive month, down 3.3 percent overall from February, and 25.2 percent on a daily average basis. 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) 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.

Foreclosure Filings—Notice of Default filings are the first step in the foreclosure process. Notice of Trustee Sale filings set the date and time of an auction, and serve as the homeowner’s final notice before sale.
Graph of Foreclosure Filings in CA
 
Foreclosure Inventories—Preforeclosure inventory is an estimate of the number of properties that have had a Notice of Default filed against the property, but have not yet been Scheduled for Sale. The Scheduled for Sale inventory indicates those properties that have had a Notice of Trustee Sale filed, but have not yet been sold or had the sale cancelled. The Bank Owned (REO) inventory indicates the number of properties that have been sold Back to the Bank at the trustee sale, and which the bank has not yet resold to another party.
Graph of Foreclosure Inventories in CA

San Diego County Foreclosure Report

Foreclosure Filings—Notice of Default filings are the first step in the foreclosure process. Notice of Trustee Sale filings set the date and time of an auction, and serve as the homeowner’s final notice before sale.
Graph of Foreclosure Filings in San Diego County
 
 
Foreclosure Outcomes—After the filing of a Notice of Trustee Sale, there are only three possible outcomes. First, the sale can be Cancelled for reasons that include a successful loan modification or short sale, a filing error, or a legal requirement to re-file the notice after extended postponements. Alternatively, if the property is taken to sale, the bank will place the opening bid. If a 3rd party, typically an investor, bids more than the bank’s opening bid, the property will be Sold to 3rd Party; if not, it will go Back to the Bank and become part of that bank’s REO inventory.
Graph of Foreclosure Outcomes in San Diego County
 
 
Foreclosure Inventories—Preforeclosure inventory is an estimate of the number of properties that have had a Notice of Default filed against the property, but have not yet been Scheduled for Sale. The Scheduled for Sale inventory indicates those properties that have had a Notice of Trustee Sale filed, but have not yet been sold or had the sale cancelled. The Bank Owned (REO) inventory indicates the number of properties that have been sold Back to the Bank at the trustee sale, and which the bank has not yet resold to another party.
Graph of Foreclosure Inventories in San Diego County

San Diego County Housing Data (Source: 2000 Census)
Median House Value $227,200
Single Family 60 %
2-4 Units 7%
5+ Units 28%
Average Age 28.9
Owner-Occupied 55%
Median Rent $761

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