No New Foreclosure Wave in Sight for California: Report

No New Foreclosure Wave in Sight for California: Report

Foreclosure activity in California was again mixed last month, according to a locally based firm that tracks every foreclosure action in the state, ForeclosureRadar.

The company's latest California market report shows that foreclosure filings and cancellations dropped in July after rising the month before, while foreclosure sales rose after falling the month prior. But even with the up-and-down wave of indicators and some analysts predicting another setback in housing, ForecloureRadar says it doesn’t expect the foreclosure picture in the Golden State to worsen.

Sean O'Toole, founder and CEO of ForeclosureRadar, said, “We continue to hear a lot of concern about a double dip for housing, combined with increasing concern that another wave of foreclosures is coming as well. We see no evidence of a foreclosure wave anytime soon.

O'Toole explained that if another foreclosure tsunami were about to hit California, there would be evidence of it in the numbers, months before those homes actually hit the market.

He agrees that there is a huge "shadow inventory" of homes that are delinquent in their mortgage payments, but those homes have a long path ahead to make it through the entire foreclosure process before hitting the market as REO listings.

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