I just received the latest Foreclosure Radar report for the month of July 2009. Statewide the numbers are flat for filings of Notice of Default, while Notice of Filings rose 31.6 percent, and foreclosed sales dropped 22.7 percent. The number of properties scheduled for foreclosure sale – New Notices of Trustee Sale minus those sale that have been cancelled or sold – rose to a record statewide level of 124,874. This is nearly double the levels reached during the foreclosure peak in 2008.
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The new “Home Affordable” loan modification plans now include a 3-month trial. It is our understanding that foreclosures are not cancelled until the completion of this trial period. As such, we believe monitoring the cancellation of scheduled foreclosures should provide some insight into the effectiveness of this program, as successful trials should result in cancelled foreclosures. We had a record number of cancellations in July at 10,789, a 24.8 percent increase over the prior month and an 86.3 percent increase year-over-year. It should be noted, however, that as a percentage of the foreclosures actively scheduled for sale, there was little change from prior months. It appears that the significant increase is primarily due to the high number of foreclosures that are scheduled for sale, but postponing rather than selling.
San Diego County is ranked #32 in California with Notice of Default (NOD) of 3,444, Notice of Trustee Sale (NTS) of 2,941, and Sales (Sold at Foreclosure Auction) of 1,266. Population per sale is 2,485 which is -22% change from July 2009 and a -42% change from July 2008. Compare our sale per population to Merced County in #1 place at 908.
Rankings are based on population per foreclosure sale. NOD indicates the number of Notices of Default that were filed at the county, and NTS indicates filed Notices of Trustee Sale. Sales indicates the number of properties sold at foreclosure auction. Percentage changes are based on monthly Sales. The data presented by ForeclosureRadar is based on county records and individual sales results from daily foreclosure auctions throughout the state – not estimates or projections.
