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Dramatic Declines in Foreclosure Activity
September 2012 California Notice of Defaults were down 20.7 percent from the prior month, and down 48.1 percent compared to last year. There has been speculation that the banks would rush to clear inventory before the CA Homeowner Bill of Rights takes effect in January 2013, causing an increase in the number of foreclosures. Clearly, this is not the case as we continue to see the number of Foreclosure Starts decline. Notice of Trustee Sales remains basically flat, up 1.9 percent from the prior month.
September 2012 California Foreclosure Sales are down 17.9 percent from the prior month, and down 30.4 percent compared to last year. However, a larger portion of Trustee Sales, 39.2 percent, are being purchased by investors compared to 27.2 percent last year.
In the other states in our coverage area, Foreclosure Starts are down with Arizona down 37.1 percent, Nevada down 40.1 percent, Oregon down 40.0 percent, and Washington down 31.2 percent from the prior month. Sales are also down with Arizona down 24.3 percent, Nevada down 19.5 percent, Oregon down 0.3 percent, and Washington down 33.5 percent from the prior month."
It was recently reported that the nation's five largest mortgage servicers have implemented all of the 320 servicing standards required under the national mortgage settlement,” stated Sean O'Toole, Founder & CEO of ForeclosureRadar. “The continued decline in Foreclosure Starts clearly shows that even though servicers are now apparently in compliance and clear to move forward with foreclosures, they are still in no rush to foreclose on the majority of delinquent borrowers.”