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Foreclosure Filings Drop, as Activity on the Courthouse Steps Slows
Foreclosure filings decreased throughout our coverage area, continuing a trend we've seen over the course of several months. Activity on the courthouse steps was down from a month ago everywhere except in Washington where foreclosure sales rose significantly.3rd Party investors are much faster at reselling foreclosures than banks, though the difference varies by area. In Oregon, banks take an average of 156 days longer to sell inventory than 3rd parties while in Washington it took banks only 52 days longer.
California banks on average took 104 days longer than 3rd party investors; whereas Arizona and Nevada banks both took an average of 70 days longer to move inventory than 3rd party investors.
Key month-over-month trends for July include:
State Notice of Default Notice of Sale Back to Bank Sold to 3rd Party
Arizona n/a- 16.8%- 6.4%- 1.8%
California- 11.7%- 5.4%- 4.0%+ 1.2%
Nevada- 8.1%- 21.0%- 23.9%- 12.3%
Oregon- 29.1%n/a- 34.7%- 17.8%
Washington n/a- 16.8%+ 50.9%+ 43.6%