A Record Month for California Foreclosure Activity
Discovery Bay, CA, May 13, 2008 - ForeclosureRadar, the only website that tracks every California foreclosure with daily auction updates, today issued its monthly California Foreclosure Report. April foreclosure numbers were up in all categories, creating extraordinary indicators. Average daily auction sales exceeded 1,000 properties a day for the first time in California's history.
High-level findings include:
- Notices of Default - the filings for the first step in California's foreclosure process increased only slightly to set a new record of 44,101 new filings.
- Notices of Trustee Sale, which are issued approximately 3 months following a Notice of Default, increased 7.8 percent in April surpassing the previous record with a total of 29,892 new filings.
- April foreclosure sales at auction jumped 44 percent over March to a record 22,838 sales, with a combined loan value of $9.45 Billion. The majority of these sales received no third party bid and reverted back to the lender despite the largest across the board discounts ever offered at trustee sale auctions.