21 Percent Jump in Real Estate Foreclosure Sales Statewide
The latest Foreclosure Radar report was just released for the month of October with a statewide jump of 21% in foreclosure sales. This after a decline in foreclosure sales over the past 3 months. Note graph below:
In San Diego County there are 2,762 Notice of Default (NOD) which is down from September 2009 NOD’s of 2,815. In October of 2008 there were 1,225 Notice of Defaults.
Notice of Trustee Sale (NTS) for October 2009 are 2,915 in San Diego County up from 2,563 in September 2009. In October of 2008 there were 1,894 Notice of Trustee Sales.
Bank Owned (REO) where the property went to sale in San Diego County were 1,012 which was up from the previous month of 917. Sold to 3rd Party sales (Investor or Cash Buyers on Courthouse Steps) were also up in October to 341 – in September 2009 there were 291 sold to 3rd parties. Again comparing to October 2008 that number was 58.
Statewide the discounts on 3rd party sales declined to 17.9% below Foreclosure Radar estimated market value which was down from 20.5% in September 2009.
“While we continue to see a steady stream of properties entering foreclosure, relatively few are completing the process and being sold at auction despite the increase this month,” says Sean O’Toole, Founder and CEO of ForeclosureRadar.com. “The bigger picture is that more and more homeowners are finding themselves upside down in foreclosure limbo, some hoping for a loan modification or short sale, while others are just waiting for a knock on the door”.
You can read or print the full Foreclosure Radar report here.
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