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Foreclosure auction sales in states along the West Coast have bounced back to levels not seen since robo-signing moratoriums went into effect last fall, the California-based tracking firm PropertyRadar reported Tuesday.“We have not seen this level of activity on the courthouse steps for months,” said Sean O’Toole, CEO, and founder of ForeclosureRadar. “The increase in foreclosures is just in time to provide a fresh supply of entry-level homes for the spring homebuying season.”
ForeclosureRadar says it recorded "significant increases" in all five states during the month of January both in terms of the number of properties that went back to the bank and those that were sold to third-party investors. REO inventories increased everywhere except in Oregon where banks sold more homes then they took back.
"We have not seen this level of activity on the courthouse steps for months," said Sean O'Toole, CEO and founder of ForeclosureRadar. "The increase in foreclosures is just in time to provide a fresh supply of entry level homes for the spring homebuying season."