March sees record levels of California foreclosure filings
Discovery Bay, CA, April 15, 2008 - ForeclosureRadar, the only website that tracks every California foreclosure with daily auction updates, today issued its monthly California Foreclosure Report. March data indicates California's foreclosure crisis is accelerating and suggests that the normalization of the state's real estate market is still far from complete.
High-level findings include:
- Notices of Default - the first step in California's foreclosure process - jumped 14.3 percent during March, reaching a record high of 42,704. These new entries into the foreclosure pipeline will produce a jump in foreclosure sales and bank owned (REO) properties for months to come.
- Notices of Trustee Sale, which are issued approximately 3 months following a Notice of Default, jumped 47.9 percent in March setting a record high of 27,571 filings.
- Foreclosure sales at auction declined 6.5 percent in March to 15,833 with a combined loan value of $6.87 Billion. Lender inventories continue to swell as they failed to sell 97.7 percent of these properties despite offering an average discount of 21 percent off of loan value.