Source: James Comtois
Sales at foreclosure auction in California jumped dramatically in July, increasing by more than $2 billion in combined loan value to $12.55 billion, according to ForeclosureRadar, a website that tracks every California foreclosure with daily auction updates. This represents more than 1,300 properties being taken to auction per business day, up from 415 per day one year ago.
Also, according to ForeclosureRadar's California Foreclosure Report for July notices of default declined for the third straight month. The total number of properties that are still actively scheduled for auction increased to 64,598 at the end of July, up from 59,973 at the end of June and 53,793 at the end of May. This indicates that further increases in foreclosure sales are still likely near term, despite the declining number of defaults.
Other findings from ForeclosureRadar's report include that notices of default declined by 4.6%, to a total of 40,219 filings representing $17.71 billion in loans. Also, notices of trustee sale, which are typically recorded 105 days after the notice of default, and which set the auction date and time, increased 9.8% to 39,010 filings in July. Looking at this number in comparison to notices of default, far fewer homeowners are finding a way out of foreclosure. At 97% of defaults, July's notices of trustee sale filings are nearly double the 50% that were more typical as recently as February.
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