Foreclosure Trends Are Mixed
July 2012 California Foreclosure Sales were up 10.4 percent over last month, while still down 41.7 percent vs. July 2011. California Notice of Defaults were basically flat showing an increase of 1.4 percent vs. June 2011, and a 12.3 percent increase vs. July 2011. In Arizona, July 2012 Foreclosure Filings were down 29.2 percent vs. June 2012 and down 28.2 percent vs. June 2011. Arizona Foreclosure Sales saw an increase of 27.5 percent vs. June 2012, and a decrease of 41.7 percent vs. 2011. It is normal to see monthly fluctuations in both directions on a month-to-month basis, thus it is critical to look at the monthly trends over time to get a clear picture of the Foreclosure marketplace.
In Oregon, July 2012 Foreclosure Filings were down 64.2 percent vs. June 2012, and down 58.6 percent vs. July 2011. This is most likely related to both the new Oregon law, SB 1552 that gives homeowners at risk of default, or in default, the right to request mediation to avoid foreclosure, as well as the Oregon Court of Appeals Ruling that may force some lenders to proceed judicially with foreclosures. It is still not clear whether this is a temporary decline or part of a move toward judicial foreclosure in Oregon.
Sean's Take —"While we are as curious as anyone to see the direction foreclosures are headed each month, it is important to keep things in context. It is not unusual to see the number of Foreclosure Filings or Foreclosure Sales go up or down 10 percent or more each month. Whether it's due to the length of the month, holidays, or internal delays at a lender, trustee, or posting company, it is completely normal to see fluctuations. What's important is the bigger picture. This is the primary reason why we have made trend charts freely available. So take a minute and click the links below to view all the foreclosure stats and trends for each state we cover. Then drill down to any county, city or ZIP code – seeing the big picture is that easy."
Foreclosure Statistics - July 2012:Arizona (Notice of Trustee Sale filings):
Foreclosure Starts: 4,433 (-29.2%)
Foreclosure Sales: 3,821 (+27.5%)
Time to Foreclose: 136 days (-3.6%)
California (Notice of Default filings):
Foreclosure Starts: 21,175 (+1.4%)
Foreclosure Sales: 7,781 (+10.5%)
Time to Foreclose: 276 days (-10.4%)
Nevada (Notice of Default filings):
Foreclosure Starts: 1,618 (+11.1%)
Foreclosure Sales: 823 (-4.6%)
Time to Foreclose: 471 days (+0.6%)
Oregon (Notice of Default filings):
Foreclosure Starts: 426 (-64.2%)
Foreclosure Sales: 461 (+0.4%)
Time to Foreclose: 143 days (0.0%)
Washington (Notice of Trustee Sale filings):
Foreclosure Starts: 2,527 (+22.4%)
Foreclosure Sales: 746 (-27.5%)
Time to Foreclose: 102 days (+2.0%)