California Foreclosure Report

07/15/2008 - Noted in the report was a minor decrease in the number of homeowners entering the foreclosure process. This marked the fourth month new Notices of Default remained essentially level. Since foreclosure sales can be postponed up to one year in California, the percentage of defaults that result in home loss takes time to determine. Looking back one year to defaults filed in June 2007, 60 percent of those defaults resulted in the property being sold at foreclosure auction. Since that time default filings have increased 88.8 percent, while properties sold at auction have increased 248 percent. The difference between these increases speaks clearly to the issue that for most homeowners there is no way out, and while defaults may be stabilizing, the impact on homeowners and lenders continues to worsen.

05/13/2008 - April foreclosure numbers were up in all categories, creating extraordinary indicators. Average daily auction sales exceeded 1,000 properties a day for the first time in California's history.

03/19/2008 - Statewide foreclosure rates declined in February, even on a daily average basis. Foreclosure sales at auction declined 15 percent to 16,931 sales with a combined loan value of $6.85 Billion. Notices of Defaults, the first step in the foreclosure process, were down 7.6 percent to 37,362. There were 18,636 Notices of Trustee Sale, which set the auction date and time, down 20 percent from January. Despite the declines the numbers are significantly higher than Q4'07 averages, defaults higher by 26 percent, and foreclosure sales higher by 36 percent.

01/15/2008 - ForeclosureRadar™, the only web site that tracks every California foreclosure with daily updates on foreclosure auctions, issued its monthly California Foreclosure Report today which tracks foreclosure statistics throughout the state. The report noted a substantial month-to-month 45.4 percent jump in the notices of default (NOD), the initial notice that a homeowner receives once they fail to pay their mortgage. The number of NOD in December was 32,948 compared to 22,665 in November. December auction sales increased by 4.1 percent from November, to a total of 12,783 properties with a loan value of $5.18 Billion dollars. Additionally, a total of 9,001 properties have been sold at auction in just the first eight business days of January, with daily average sales 76 percent higher than in December.

11/15/2007 - 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 October foreclosure sales increased by 40 percent from September. A total of 12,336 properties - with a loan value of $5 Billion dollars, a 568 percent increase over the same period in 2006 - were sold at auction statewide in the month of October, compared to September which had a total of 8,818 with a value of $3.6 Billion dollars.