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Foreclosure Cancellations way up in Sacramento and California as a whole.
Banks have slowed foreclosure filings everywhere in the nation, and Sacramento is no exception. Sacramento Foreclosures have been cut dramatically in the past year. For instance, Sacramento Notice of Default Filings have decreased from 2,234 in May 2009 to only 1,327 in May 2010. Notice of Trustee Sale Filings in Sacramento have also decreased in the past 12 months to 1,546 from 2,344 last may. Bank Foreclosures, or Sacramento homes actually sold at the courthouse steps have decreased from last May’s total of 1,188 to 1,084 this May. All the while, the number of delinquent homeowners has been dramatically increasing… What are they doing?
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California Foreclosure Report:
California Foreclosure Activity Drops
Cancellations and Time-to-Foreclose increase year-over-year
Sean O’Toole, Founder and CEO of ForeclosureRadar.com had this to say about California’s Foreclosure Numbers in His monthly California Foreclosure Report for May 2010:
Foreclosure filings, outcomes and inventories dropped across the board from April to May. Foreclosure filings also declined substantially year-over-year with Notice of Default filings down 43.3 percent and Notice of Trustee Sale filings down 35.8 percent. The only significant increases from the prior year were Cancellations, up 141.3 percent, Sales to 3rd Parties, typically investors, up 75.4 percent, and Time-to-Foreclose, up 30.5 percent from May 2009.
“Given the staggering number of delinquent home loans, foreclosure activity should be rising not falling as we found again this month” says Sean O’Toole, Founder and CEO of ForeclosureRadar.com. “We have recently witnessed a number of Cancellations where the owners have vacated the property and are clearly not working to modify their loan or complete a short sale. The most telling statistic that we present today may be that it takes lenders two months longer to foreclose then it did a year ago.”
In some ways this is just prolonging the inevitable, the longer this “cleansing” process takes (to get through the entire number of homes that must inevitably change hands, either as a short sale or a Foreclosure or REO, the longer this market will take to heal…
However I can definitely see that by reducing the amount of inventory and sheer numbers, the banks and servicers are going to have a chance to fine tune their brand new systems, train more people and get their procedures nailed down. We have definitely been seeing a trend in our Sacramento short sale negotiations, where the banks are more actively working, contacting us and really trying to move the files along much faster than even a few weeks ago. So maybe a temporary lull is needed in order to let these short sale departments get better trained and more equipped for the years of short sale files that area coming down the pike.
Sacramento Short Sale numbers have definitely been increasing, especially the number of approved and pended short sales in Sacramento!