Foreclosure Filings are Down as the Time to Foreclosure Speeds Up In Some States
On average it took less Time to Foreclose in California, Arizona, and Nevada in June 2011, countering what has been a growing trend to extend the foreclosure process. The time to foreclose has increased on a year-over-year basis throughout our coverage area, with the largest increase seen in Nevada where it now takes on average 319 days to foreclose, up from 239 days a year ago. California saw the second most significant increase with the average time to foreclose at 317 days, up from 261 days a year ago. The least change was observed in Washington where the average time to foreclose is 106 days, only slightly higher than the 105 days seen a year ago.
Foreclosure filing activity was down throughout our coverage area in June 2011, with fewer foreclosure filings in all states. There were fewer foreclosure sales, both Back to Bank and Sold to 3rd Parties everywhere except Oregon which saw an uptick in activity at the courthouse steps.
Key month over month trends for June include:
State Notice of Default Notice of Sale Back to Bank Sold to 3rd Party
Arizona n/a- 8.7%- 16.6%- 7.9%
California- 1.5%- 11.7%- 13.4%- 7.1%
Nevada- 0.6%- 7.2%- 25.0%- 12.4%
Oregon- 29.6%n/a+ 2.0%+ 18.9%
Washington n/a- 2.4%- 19.8%+ 0.6%