San Diego CA Foreclosure report shows inventory continues to decline

by | Jul 22, 2012 | Latest News, San Diego Foreclosure news | 0 comments

Foreclosure inventory continues to decline in CA
Foreclosure sales in California were down 13.4 percent in June compared with May and 48.8 percent compared with a year earlier, according to a report by ForeclosureRadar.  Notices of Default in the state were down 0.9 percent compared with the month prior.

According to the report, banks in California take an average of 272 days to resell properties they take back at auction. In June, the time to foreclose on a property in California increased 13.2 percent.

Graph of Foreclosure Filings in San Diego County
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 Outcomes 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 Inventories 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.
 
 

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