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Foreclosures May Be Stalling

July 25, 2011

According to the June edition of Foreclosure Radar:  California saw slowed foreclosure activity across the board. Notice of Default filings fell for the third consecutive month after a slight 1.5 percent drop in June. Notice of Trustee Sale filings were down in June as well, with an 11.7 percent decline month-over-month and a 34.3 percent drop from June 2010. Cancellations of foreclosure sales decreased for the second time in as many months, with a 3.0 percent drop compared to May. Foreclosure sales on the courthouse steps were slower than the prior month, with 13.4 percent fewer sales Back to Bank and 7.1 percent fewer foreclosed properties Sold to 3rd Parties. For the first time in six months the average time to foreclose decreased, down 7.9 percent to 317 days month-over-month but remained up 21.5 percent as compared to this time last year. Third parties continued to resell inventory more quickly, with the time to resell down 1.5 percent month-over-month to 131 days, clearly outperforming banks, which took an average of one hundred days longer at 231 days to resell inventory (REO).

Foreclosure Outcomes – CA                          
  6/1/2010 7/1/2010 8/1/2010 9/1/2010 10/1/2010 11/1/2010 12/1/2010 1/1/2011 2/1/2011 3/1/2011 4/1/2011 5/1/2011 6/1/2011  
Cancellations 21989 18957 16845 15278 12922 11852 10921 12285 11200 14564 18490 14011 13607  
Back to Bank (REO) 10522 11948 14397 15144 10627 9344 9289 14072 10634 13707 11348 11751 10249  
Sold to 3rd Party 2985 3486 3478 2938 2159 2333 2142 3275 2611 4217 3555 3704 3459  
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