Wednesday, December 14, 2011

Foreclosure Sales Slow on West Coast

With the holiday season approaching, the research and tracking firm ForeclosureRadar is seeing declines in the number of completed foreclosures in four of the five states it monitors along the country’s West Coast.

ForeclosureRadar’s coverage area includes Arizona, California, Nevada, Oregon, and Washington. Only Arizona saw foreclosure sales rise in November, up 25 percent from October. The company notes, however, that Arizona’s increase last month simply offset the 20 percent drop seen in October and is still well below the state’s average monthly sales for the year.

“It’s great to see the banks slow down foreclosures and evictions for the holidays,” said Sean O’Toole, CEO and founder of ForeclosureRadar. “We expect that the numbers will drop even further in December.”
ForeclosureRadar says it’s not unusual to see foreclosures slow for the holidays. Come January though, O’Toole says it will be back to business as usual with at least a small surge as banks play catch up after the delays.

Foreclosure starts were up slightly in Nevada (+6.4 percent) and Washington (+5.0 percent), but ForeclosureRadar described the increases as “insignificant” given the recent declines in those states due to legislative changes and legal challenges.

Notice of trustee sale filings rose 34.7 percent from October to November in California. ForeclosureRadar’s data show the increase came primarily from filings by Bank of America, up 52 percent, and Wells Fargo, up 23 percent.

The company points out that it is not unusual to see an increase in foreclosure sales each January. These rise in trustee sale filings would be necessary in preparation for that, ForeclosureRadar explained.

Sales to third parties, typically investors, have increased significantly year-over-year across most of ForeclosureRadar’s coverage area.

The largest increases in third-party foreclosure sales were seen in Arizona and Nevada at 101.6 percent and 79.9 percent, respectively. Other states saw higher numbers as well – California, up 29.4 percent, and Washington, with a 6.7 percent annual increase.

No comments:

Post a Comment

Type your comment here.