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Foreclosure Sales Slow for the Holidays, While Lenders Prepare for 2012
It is not unusual to see foreclosures slow for the holidays, and this year is no exception. Foreclosure starts were up slightly in Nevada and Washington, but the increases were insignificant given the recent declines in those states due to legislative changes and legal challenges. Foreclosure Sales rose only in Arizona, but that increase simply offset the drop seen in October and is still well below average monthly sales for the year there.
Notice of Trustee Sale filings rose 34.7 percent from October to November in California. The increase came primarily from filings by Bank of America, up 52 percent, and Wells Fargo, up 23 percent. It is not unusual to see an increase in foreclosure sales each January, and these filings would be necessary for preparation for that.
Sales to 3rd parties, typically investors, have increased significantly year-over-year. The largest increases we're seen in Arizona and Nevada are at 101.6 and 79.9 percent respectively. Other states saw increases as well: California 29.4 percent and Washington at 6.7 percent.
"It's great to see the banks slow down foreclosures and evictions for the holidays," stated Sean O'Toole, Founder, and CEO of PropertyRadar. "We expect that the numbers will drop even further in December. Come January, it will be back to business with at least a small surge as banks play catch up after the delays."