Foreclosure Starts Down Dramatically
August 2012 California Notice of Defaults were down 23.6 percent from the prior month, and down 49.1 percent compared to last year. In Arizona, Notice of Sales were down 16.1 percent from the prior month, and down 42.2 percent compared to last year. The decline in Foreclosure Starts is even more significant on an average daily basis, down 30.2 percent from the prior month in California with 23 business days in August vs. 21 business days in July.
Foreclosure Sales were up 23.7 percent in California on a month over month basis. On an average daily basis, the increase was up 12.9 percent from the prior month.
In Oregon, non judicial foreclosure activity almost came to a halt, with Foreclosure Starts down 80.6 percent from the prior month and down 93.9 percent compared to last year, most likely indicating a move to judicial foreclosures as discussed last month.
“We continue to see reports that there will be a wave of foreclosure sales after the election or at the start of the year,” stated Sean O’Toole, Founder & CEO of ForeclosureRadar. “The lack of Foreclosure Starts this month puts a nail in the coffin of this theory. There will be no wave of foreclosures for at least five months. The good news for investors and first-time buyers is that Foreclosure Sales have at least remained flat or slightly up, continuing to provide some opportunities in the meantime.”