The Foreclosure Report – November 2012

By December 18, 2012 California, Foreclosure, Reports

California Foreclosure Inventory Continues to Decline

November 2012 California foreclosure inventory—the total of Preforeclosures, properties in foreclosure that are Scheduled for Sale, and Bank Owned properties (REO)—fell 7.6 percent from the prior month and is down 31.8 percent compared to last year. While the November decline in inventory is not an unusual event, the significant decline in foreclosure inventory over the past year has contributed to what some are calling an “inventory crisis” of total homes for sale.

The November foreclosure inventory shortage is partially due to the jump in California Foreclosure Cancellations. Cancellations were up 4.7 percent from the prior month, up 69.9 percent in the past two months and up 34.7 percent compared to last year. In taking a closer look at the reason for cancellations, it did not appear the majority were due to statutory time frames or filing errors, but were more likely due to short sales or successful loan modifications.

November 2012 California Notices of Default were down 19.9 percent from the prior month and down 51.5 percent compared to last year. November 2012 California Foreclosure Sales were down 14.8 percent from the prior month and down 30.3 percent compared to last year.

ARIZONA’S FORECLOSURE MARKET

Arizona Foreclosure Starts
Arizona Foreclosure Sales
Arizona Foreclosure Timeframes

CALIFORNIA’S FORECLOSURE MARKET

California Foreclosure Starts
California Foreclosure Sales
California Foreclosure Timeframes

NEVADA’S FORECLOSURE MARKET

Nevada Foreclosure Starts
Nevada Foreclosure Sales
Nevada Foreclosure Timeframes

OREGON’S FORECLOSURE MARKET

Oregon Foreclosure Starts
Oregon Foreclosure Sales
Oregon Foreclosure Timeframes

WASHINGTON’S FORECLOSURE MARKET

Washington Foreclosure Starts
Washington Foreclosure Sales
Washington Foreclosure Timelines