CALIFORNIA FORECLOSURE SALES TOP 1,000 PER DAY
April foreclosure numbers were up in all categories. Average daily auction sales exceeded 1,000 properties a day for the first time in California’s history as reported by ForeclosureRadar.
The report also showed::
* Notices of Default – the filings for the first step in California’s foreclosure process increased only slightly to set a new record of 44,101 new filings.
* Notices of Trustee Sale, which are issued approximately 3 months following a Notice of Default,increased 7.8 percent in April surpassing the previous record with a total of 29,892 new filings.
* April foreclosure sales at auction jumped 44 percent over March to a record 22,838 sales, with a combined loan value of $9.45 Billion. The majority of these sales received no third party bid andreverted back to the lender despite the largest across the board discounts ever offered at trustee sale auctions. San Diego California real estate agents
Homes take 18 months on average to work through the foreclosure process.. Imagine what foreclosures will look like 18 months from now!
Karen
San Diego County Cosmetic Surgery
It’s sad, really sad, because the people that are losing these homes have names and faces. They could be your brother, your sister, your parents. Most of the time, we tend to think that the foreclosures are mainly real estate investors or flippers that are just letting their investment properties go back to the bank, but the reality is there are alot of families living without homes.
Susan
San Diego Real Estate Brokerage
Much is said now about the state of the real estate market, the recent audacity by the fed chair, and how our dollar is being trampled on by the feds. Much is said about the lack of equity in homes and the lack of liquidity from the few available buyers out there. The economy is dead, all these foreclosures are ruining the state.
Frank
Tj Mexico Family Dentists