DSNews.com - Foreclosures Cancelled in California
The number of foreclosure sales that were cancelled in California hit an all-time record in June, according to a report released Tuesday by Foreclosure radar, a locally based company that tracks every foreclosure in the state and provides daily auction updates. The company characterized foreclosure activity in the Golden State as “mixed” last month, with filings of new foreclosure notices on the rise and foreclosure sales down. That assessment follows two straight months in which ForeclosureRadar reported declines across-the-board at every stage of the foreclosure process.
In total, 10,506 foreclosures were cancelled in California last month before reaching the auction sale phase, according to ForeclosureRadar’s market data. The figure represents a 27 percent increase from May and is 153 percent higher than in June 2009. ForeclosureRadar explained that the increase was primarily driven by just one lender, JP Morgan Chase and its acquisition of Washington Mutual loans. Notices of Default filed against delinquent homeowners – the first step in the foreclosure process – edged up nearly 7 percent from May to June, ForeclosureRadar reported, but were down more than 45 percent compared to June 2009. Notice of Trustee Sale filings, which serve as the homeowner’s final notice before the home is auctioned, increased on both a monthly and annual basis in June. Compared to the previous month, filings were up nearly 22 percent, and were nearly 12 percent above year-ago levels. During the month of June, ForeclosureRadar tracked a total of 25,790 new Notices of Default and 34,261 Notices of Trustee Sale.
**********************************************************************************************************
Matt’s Commentary: The cancellation of foreclosure sales is happening throughout the United States, including right here in Pensacola, as banks are doing everything they can to try and modify mortgages, renegotiate terms, and keep individuals in their homes. Banks have never been in the real estate business, and have no interest in owning properties, so this stepped up intensity should come as no surprise.
As real estate investors, this should simply be further proof that we are providing a great service, not just to distressed homeowners, but to the banks as well. By encouraging those in foreclosure to get their homes on the open market, negotiating the terms of a short sale, and finding an end buyer, we continue to create win/win/win situations for ALL parties involved. I just completed another short sale this week that put $15k in my pocket, forgave a homeowner of nearly $140k in debt (with no deficiency judgment), and kept the bank from adding one more foreclosure to their books. Not a bad ending if you ask me…
Did you enjoy this post? Why not leave a comment below and continue the conversation, or subscribe to my feed and get articles like this delivered automatically to your feed reader.
Comments
No comments yet.
Leave a comment