Now covering Arizona, California, Nevada, Oregon & Washington
Starting this month, ForeclosureRadar has expanded coverage to include Arizona, Nevada, Oregon, and Washington. In addition, we now give readers the ability to dynamically drill down to the State, County, City and ZIP Code levels."Real estate markets are local, not national, and like other real estate trends foreclosure trends vary a great deal by locationî says Sean OíToole, CEO and Founder of ForeclosureRadar.com. ìWe are excited to be able to bring timely, accurate, in-depth and location specific foreclosure data to the Arizona, California, Nevada, Oregon and Washington markets."
After rising 28.8 percent from June to July, Notices of Trustee Sale dropped 12.2 percent in August. Banks took back more properties at auction than they resold in August leading to a continued climb in inventory of bank owned homes, up 4.79% since last month and 60.48% year over year.
Notices of Default filings, the first step in the foreclosure process, jumped 16.6 percent in August, the fourth successive increase in as many months. Fewer homeowners found foreclosure relief as foreclosure cancellations dropped 11.2 percent while more homes were lost, up 15.6 percent to 17,841 foreclosure sales.
After seeing a increase in the average opening bid at auction in July and a drop of sales to 3rd parties, typically investors, opening bids in August dropped by 4.6 percent resulting in sales to 3rd parties increasing by 26.6 percent. Lenders took a record 324 days from the filing of a Notice of Default to completion of the foreclosures sold at auction in August.
The number of properties scheduled for foreclosure sale rose by 17.1 percent as the number of new Notices of Trustee Sale significantly outpaced the number of foreclosures that were cancelled or sold. While Notice of Trustee Sale filings rose by 9.3 percent, Notices of Default were up 10.7 percent.
Foreclosure activity decreased across the board with Notices of Trustee Sale down 15.8 percent, foreclosure sales down 10.8 percent and foreclosure cancellations down 21.8 percent. Despite the declines, the number of properties scheduled for foreclosure sale rose by 2.7 percent and bank owned inventories rose 9.4 percent.
StateNotice of DefaultNotice of SaleBack to BankSold to 3rd PartyArizonan/a-12.2%-2.0%-5.8%California+16.7%+2.7%+20.3%-0.4%Nevada-7.5%-3.34%-12.0%+26.2%Washingtonn/a-15.6%-10.3%-15.6%Oregon+10.7%+9.3%+27.6%-8.0%