Report: Foreclosure activity slows in October

Source: The Business Journal

Foreclosure activity continued to slow in October, according to new data from Foreclosure Radar. Notices of default in the state totaled 13,585 in October compared to 14,759 in September and 26,607 in October 2011. Notices of sale, which service as the homeowner's final warning before their home goes to auction, totaled 16,935, down from 17,221 the prior month and 18,096 last year. Of the 24,320 homes that went to foreclosure auction in October, around 63 percent were cancelled, 21.9 percent went back to the bank and 14.2 percent were sold to a third party. In Fresno County, there were 434 notices of default filed in October compared to 381 the prior month and 700 a year ago. Notices of sale were even with September at 473 and up from 464 last year. Tulare County saw 199 notices of default in the month, up from 189 in September but down from 328 in October 2011. Notices of sale totaled 240 in the month compared to 228 the prior months and 197 last year. There were 68 notices of default filed in Madera County during the month, down from 84 in September and 110 a year ago while notices of default dropped to 82 from 100 and 94 respectively. In Kings County, there were 74 notices of default filed in October, down from 96 the prior month but up from 64 a year ago as notices of sale totaled 78 compared to 104 in October and 64 last year. "The California Homeowner Bill of Rights takes effect in January 2013 is beginning to impact foreclosure trends," said Sean O'Toole, founder and CEO of Foreclosure Radar, in a release. "This is another example of where foreclosure trends are driven by government intervention and not necessarily economic recovery. While the impacts are still unclear, the elimination of dual tracking may avoid some unnecessary foreclosures, but will lengthen the foreclosure process and delay ultimate recovery. Expect further impacts to foreclosure trends in the months ahead."

URL to original article: http://www.thebusinessjournal.com/news/real-estate/3940-report-foreclosure-activity-slows-in-october

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