June 2012 Foreclosure Sales were significantly down in the three largest foreclosure states in our coverage area. California Foreclosure Sales were down 13.4 percent over last month, and down 48.8 percent vs. June 2011. Arizona Foreclosure

The Foreclosure Report - June 2012

Written by:
PropertyRadar
Written on:
July 11, 2012

Foreclosure Inventory Continues To Decline

June 2012 Foreclosure Sales were significantly down in the three largest foreclosure states in our coverage area. California Foreclosure Sales were down 13.4 percent over last month, and down 48.8 percent vs. June 2011. Arizona Foreclosure Sales were down 18.5 percent over last month, and down 42.1 percent vs. June 2011. Nevada Foreclosure Sales were down 14.6 percent over last month, and down 72.1 percent vs. June 2011 driven by the new regulation that took effect in October 2011. In addition, Foreclosure Filings are flat to down in all states in our coverage area, both on a month over month basis and vs. previous year. Arizona Notice of Sales were down 27.7 percent over last month, Nevada Notice of Defaults were down 22.7 percent over last month, and California Notice of Defaults were basically flat, being down 0.9 percent over last month.

We already have significantly low home sales in the market today, and with the declining level of Foreclosure Sales the inventory will continue to decrease. In California, banks take on average 272 days to resell properties they take back at auction, thus, Realtors, investors, and homebuyers should brace themselves for significantly less inventory in next years' selling season.

"California Governor Jerry Brown signed into law the Homeowner Bill of Rights, an anti-foreclosure package which naively thinks that slowing foreclosures will benefit homeowners and the economy by leaving those owners stuck in their prison of debt," stated Sean O'Toole, Founder & CEO of ForeclosureRadar. "We've long said negative equity, not foreclosures, are the problem, and this bill does nothing to truly help underwater borrowers. Fortunately this bill was watered down significantly from its original form, so we don't expect it will have the same impact that we've seen from more aggressive legislation in Nevada. The most ironic part of this bills passage is that foreclosures have already plummeted, and that the real housing crisis in now a lack of homes available for sale. Next spring, we expect there will be half as many REO's available for sale in California, significantly impacting overall home sales and hurting homebuyers, investors, real estate related services and the economy

ARIZONA'S FORECLOSURE MARKET

Arizona Foreclosure Starts

Arizona Foreclosure Sales

Arizona Foreclosure Timeframes

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CALIFORNIA'S FORECLOSURE MARKET

California Foreclosure Starts

California Foreclosure Sales

California Foreclosure Timeframes

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OREGON'S FORECLOSURE MARKET

Oregon Foreclosure Starts

Oregon Foreclosure Sales

Oregon Foreclosure Timeframes

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NEVADA'S FORECLOSURE MARKET

Nevada Foreclosure Starts

Nevada Foreclosure Sales

Nevada Foreclosure Timeframes

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WASHINGTON'S FORECLOSURE MARKET

Washington Foreclosure Starts

Washington Foreclosure Sales

Washington Foreclosure Timeframes

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Written by:
PropertyRadar
Written on:
July 11, 2012