Report: Foreclosure activity drops in November

Source: The Business Journal

Foreclosure activity continued to decline in November, according to new data from ForeClosure Radar. In Fresno County, there were 374 notices of default filed in November compared to 434 the prior month and 589 in November 2011. Notices of sale, which serve as a homeowner's final warning before their home goes to auction, totaled 422 in November, down from 473 in October and 655 last year. Tulare County saw 161 notices of default in the month, down from 199 in October and 261 a year ago while notices of sale totaled 182 in November compared to 240 the prior month and 271 last year. There were just 10 notices of default filed in Madera County during the month, down from 86 in October and 104 a year ago as notices of default dropped to three from 96 and 121, respectively. In Kings County, 62 notices of default were filed in November compared to 118 the prior month and 79 a year ago. Notices of sale also dropped from 134 in October and 89 last year to a total of 67 in the latest month. Throughout California, notices of default totaled 11,533 in November compared to 14,398 in October and 23,785 in November 2011. Notices of sale totaled 15,520, down from 17,727 the prior month and 25,785 last year. Of the 23,798 homes that went to foreclosure auction in November, 16,304 were cancelled, 4,470 went back to the bank and 3,024 were sold to a third party. The increase in cancellations, up 4.7 percent from the prior month and 34.7 percent from last year, was one of the causes of the current foreclosure inventory shortage. "The policies of 'extend and pretend' continue to slow foreclosure activity while ensuring foreclosures will play an important role in our economy for years to come," said Sean O'Toole, founder and CEO of ForeClosure Radar, in a release.

URL to original article: http://www.thebusinessjournal.com/news/real-estate/4306-report-foreclosure-activity-drops-in-november

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