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California Foreclosure Report Notes Big Lender Discounts In November
Banks and lenders start to aggressively discount at auction
12/13/2007
Discovery Bay, CA, December 13, 2007 - ForeclosureRadar™, the only web site that tracks every California foreclosure with daily updates on foreclosure auctions, issued its monthly California Foreclosure Report today which showed a total of 12,282 properties with a loan value of $4.91 Billion dollars sold at auction in November. This was a 432 percent increase over the same period in 2006, and a slight reduction compared to October which had a total of 12,336 with a value of $4.968 Billion dollars. Although the month to month comparison appeared to decrease, the average daily sales actually increased 20 percent from October due to the fewer number of auction sales days in October versus November.
"A notable sea change occurred in November. Lenders are starting to aggressively discount properties" said ForeclosureRadar founder, Sean O'Toole. "As the only service that tracks opening bids at auction, we were surprised by the size of the discounts, and even more surprised that most still go back to the bank with no investor bidding."
The ForeclosureRadar report noted that the average lender discount was $48,000 in November, up from $9,000 at the beginning of the year. Also noted was the percentage of sales being discounted, which has doubled to 66 percent. Lenders are clearly becoming anxious to avoid taking on more real estate owned (REO) assets.
The following are examples of foreclosure auctions where the lender significantly discounted the opening bid from the amount owed on the loan. In the case of 8215 Shay Circle in Stockton, the home was purchased new in January, 2006 for $481,000. The loan defaulted in 2007 and the lender discounted the opening bid at auction in November to $240,000. This particular property went back to the bank with no investor bids.
| Property Address | Loan Amount / Opening Bid |
Discount / Percent Discount |
| 8215 Shay Circle Stockton, CA 95212 |
$419,416.16 / $240,000.00 |
$179,416.16 / 42.8% |
| 163 Creekside Circle Sacramento, CA 95823 |
$286,970.96 / $168,000.00 |
$118,970.96 / 41.5% |
| 7465 Newcomb Street San Bernardino, CA 92410 |
$274,730.54 / $162,000.00 |
$112,730.54 41% |
| 614 S Clementine Street Anaheim, CA 92805 |
$422,012.64 / $318,750.00 |
$103,262.64 / 24.5% |
| 7485 Gayneswood Way San Diego, CA 92139 |
$522,448.44 / $367,127.54 |
$155,320.90 / 29.7% |
| 1177 California Street 1507 San Francisco, CA 94108 |
$939,088.24 / $710,000.00 |
$229,088.24 / 24.4% |
| 701 6th Avenue Redwood City, CA 94063 |
$612,529.12 / $488,750.00 |
$123,779.12 / 20.2% |
| California Foreclosure Statistics By County | ||||||||
| Rank | Change In Rank | County | NDF | NTS | Sales | Population Per Sale |
% Change Oct 2007 |
% Change Nov 2006 |
| 1 | 5 | MERCED COUNTY | 412 | 288 | 253 | 975 | 39% | 1481% |
| 2 | -1 | SAN JOAQUIN COUNTY | 1083 | 699 | 664 | 1,003 | 2% | 630% |
| 3 | 2 | SACRAMENTO COUNTY | 2011 | 1470 | 1132 | 1,224 | 7% | 355% |
| 4 | 3 | YUBA COUNTY | 108 | 61 | 57 | 1,225 | 12% | 338% |
| 5 | -1 | STANISLAUS COUNTY | 927 | 533 | 419 | 1,228 | 3% | 525% |
| 6 | -4 | RIVERSIDE COUNTY | 2272 | 2187 | 1584 | 1,233 | -3% | 458% |
| 7 | 1 | SOLANO COUNTY | 631 | 390 | 315 | 1,342 | 25% | 650% |
| 8 | 3 | CONTRA COSTA COUNTY | 1292 | 841 | 661 | 1,557 | 21% | 536% |
| 9 | 1 | KERN COUNTY | 936 | 618 | 479 | 1,628 | 9% | 477% |
| 10 | 4 | SAN BENITO COUNTY | 45 | 28 | 33 | 1,746 | 27% | 725% |
| 11 | -2 | SAN BERNARDINO COUNTY | 1827 | 1576 | 1072 | 1,858 | -8% | 489% |
| 12 | 0 | PLACER COUNTY | 301 | 216 | 153 | 2,069 | -4% | 410% |
| 13 | 0 | MADERA COUNTY | 137 | 102 | 68 | 2,123 | 0% | 656% |
| 14 | 1 | SUTTER COUNTY | 114 | 63 | 42 | 2,177 | 2% | 250% |
| 15 | 1 | LAKE COUNTY | ND | ND | 29 | 2,211 | 4% | 222% |
| 16 | 30 | PLUMAS COUNTY | 5 | 4 | 9 | 2,383 | 350% | 800% |
| 17 | 5 | MONTEREY COUNTY | 388 | 218 | 170 | 2,499 | 26% | 844% |
| 18 | 0 | EL DORADO COUNTY | 139 | 79 | 68 | 2,591 | -1% | 518% |
| 19 | 2 | FRESNO COUNTY | 681 | 423 | 333 | 2,701 | 9% | 693% |
| 20 | -1 | IMPERIAL COUNTY | ND | ND | 61 | 2,731 | 2% | 663% |
| 21 | 10 | SONOMA COUNTY | 323 | 187 | 146 | 3,287 | 35% | 535% |
| 22 | 1 | ALAMEDA COUNTY | 432 | 276 | 428 | 3,508 | -3% | 386% |
| 23 | 21 | GLENN COUNTY | ND | 4 | 8 | 3,581 | 167% | 700% |
| 24 | 19 | TUOLUMNE COUNTY | 19 | 18 | 16 | 3,639 | 129% | 220% |
| 25 | 3 | NAPA COUNTY | 80 | 41 | 35 | 3,841 | 6% | 3400% |
| 26 | 6 | NEVADA COUNTY | 50 | 35 | 26 | 3,849 | 18% | 333% |
| 27 | -1 | SAN DIEGO COUNTY | 1491 | 1350 | 793 | 3,867 | -6% | 210% |
| 28 | -8 | YOLO COUNTY | 119 | 80 | 49 | 3,885 | -25% | 600% |
| 29 | 4 | TULARE COUNTY | 272 | 156 | 108 | 3,895 | 19% | 370% |
| 30 | -3 | VENTURA COUNTY | 357 | 279 | 187 | 4,371 | -16% | 450% |
| 31 | -6 | TEHAMA COUNTY | ND | ND | 14 | 4,395 | -18% | 180% |
| 32 | 4 | SHASTA COUNTY | 105 | 76 | 39 | 4,653 | 18% | 144% |
| 33 | -4 | SANTA BARBARA COUNTY | 140 | 126 | 89 | 4,737 | -11% | 345% |
| 34 | 1 | SAN LUIS OBISPO COUNTY | 101 | 66 | 55 | 4,786 | 15% | 323% |
| 35 | 3 | BUTTE COUNTY | 54 | 33 | 42 | 5,172 | 8% | 200% |
| 36 | 3 | KINGS COUNTY | 68 | 28 | 27 | 5,471 | 17% | 350% |
| 37 | 0 | ORANGE COUNTY | 887 | 898 | 545 | 5,637 | -2% | 382% |
| 38 | -4 | LOS ANGELES COUNTY | 3654 | 3143 | 1653 | 6,198 | -15% | 335% |
| 39 | -9 | AMADOR COUNTY | 22 | 15 | 6 | 6,356 | -33% | 100% |
| 40 | 7 | HUMBOLDT COUNTY | 22 | 13 | 19 | 6,975 | 90% | 533% |
| 41 | 0 | SANTA CLARA COUNTY | 673 | 406 | 237 | 7,482 | 0% | 339% |
| 42 | 9 | SISKIYOU COUNTY | 17 | 10 | 6 | 7,691 | 100% | 500% |
| 43 | 10 | MARIPOSA COUNTY | ND | ND | 2 | 9,108 | 100% | ND |
| 44 | 1 | SAN MATEO COUNTY | 154 | 90 | 74 | 9,785 | 3% | 252% |
| 45 | -5 | SANTA CRUZ COUNTY | 114 | 74 | 25 | 10,494 | -38% | 733% |
| 46 | 2 | MONO COUNTY | ND | ND | 1 | 13,597 | 0% | ND |
| 47 | -5 | CALAVERAS COUNTY | ND | ND | 3 | 15,237 | -50% | ND |
| 48 | -24 | LASSEN COUNTY | ND | ND | 2 | 17,726 | -80% | 0% |
| 49 | 1 | MARIN COUNTY | 70 | 31 | 12 | 21,112 | -29% | 140% |
| 50 | 4 | COLUSA COUNTY | ND | ND | 1 | 21,512 | 0% | ND |
| 51 | 4 | MENDOCINO COUNTY | 27 | 9 | 4 | 22,611 | 0% | 100% |
| 52 | 0 | SAN FRANCISCO COUNTY | 89 | 36 | 28 | 28,524 | -40% | 180% |
CALIFORNIA FORECLOSURE REPORT METHODOLOGY
Rankings are based on population per foreclosure sale. NDF indicates the number of Notices of Default that were filed at the county, and NTS indicates filed Notices of Trustee Sale. Sales indicates the number of properties sold at foreclosure auction. Percentage changes are based on monthly Sales. The data presented by ForeclosureRadar is based on county records and individual sales results from daily foreclosure auctions throughout the state—not estimates or projections.
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