ForeclosureRadar released it’s California Foreclosure Report for March.
High-level findings for March include:
o Notices of Default increased 29.3 percent over February, to a record 54,268 filings, a 26.3 percent increase over March 2008 and a 25.8 percent increase from the peak level reached in April 2008.
o Notices of Trustee Sale increased from February by 82.3 percent to 33,178 filings, a 19.6 percent increase from the prior year, but still 15 percent below the peak reached in July 2008.
o March auction sales decreased 41.4 percent from February, to 10,040 properties sold at auction, representing $5.3 Billion in loan value. Year over year sales decreased by 36.6 percent.…“Not one government program aimed at addressing the foreclosure problem has dealt with the core issue of negative equity; and there can be no doubt these programs are having dramatic impacts on the foreclosure process”, says Sean O’Toole, founder and CEO of ForeclosureRadar. “Unfortunately, the only tangible effect of these programs so far is a significant increase in uncertainty for homeowners, lenders, investors and even government officials trying to make sense of these wild swings in activity.”
Posts
|