Trustee Sale Investors Kickoff the New Year with Near Record Activity

Real Estate investors started off 2012 with a bang. Sales to Third Parties, typically investors rose significantly in January throughout our coverage area, with the exception of Washington. California saw the most activity, with investors purchasing 3,964 properties for $766.2 million. Note that trustee sale investors must pay in cash, in full, with no title insurance or inspections prior to purchase. This is the fourth largest month on record in California, and the busiest since March of 2011.

Nevada saw the largest month-over-month increase in Foreclosure Sales, with investors there purchasing 973 properties for $99.1 million. This increase, coupled with the dramatic decline in new foreclosures that began in October 2011, is quickly depleting the foreclosure inventory that remains scheduled for sale in Nevada. Year-over-year the number of Nevada properties scheduled for sale has dropped 57.6 percent.

Despite what appears to be significant percentage increases in Foreclosure Starts in California, Nevada and Washington, these increases barely offset the declines seen over the holidays. Compared to January one year ago, Foreclosure Starts are significantly lower now – despite the fact that many banks were still under self-imposed moratoriums due to robo-signing last year.

“January’s numbers should put to rest any notion that we will see a wave of foreclosures in 2012, at least in the western states that we cover.” Stated Sean O’Toole, Founder & CEO of ForeclosureRadar. “Foreclosure Starts remain near record low levels, significantly lower than a year ago, when many banks still had self-imposed moratoriums in place due to the robo-signing scandal. Add to that a foreclosure timeframe of more than 8 months, and there is little chance of a wave this year even if all the banks started the foreclosure process en masse tomorrow.”

CLICK HERE for our complete January 2012 Foreclosure Report

5 thoughts on “The Foreclosure Report – January 2012

  1. Pingback: The Foreclosure Report – January 2012 | US Foreclosure Homes, Sales & Listings

  2. Let us not forget about the plan to sell to investors in bulk and turn REO’s into rentals. That program that is just around the corner. Carrington is already staffing up along with many others. I agree with Sean that we will not see our shadow come on the market as we did say back in 2008-2009. Many of the top dog REO agents and brokers have dramatically cut their staff or even left the business. It will be an interesting Spring and Summer and in an election year I bet dollars to donuts some new “programs” will come out of DC too.

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