August California Foreclosure Report Shows Foreclosure Auction Sales Up 10.4% Over July
“Many blame subprime lending for our current real estate crisis, but rampant speculation, even by those with great credit, played a leading role,” observed Sean O’Toole, founder and CEO of ForeclosureRadar.com. “The subprime market took the first hit as those borrowers had the least to lose when they walked away. Now that nearly half of foreclosures represent non-owner occupied properties, it is clear that speculators are walking away too.”
Other highlights from ForeclosureRadar’s August Foreclosure Report include the fact that fully 90.3% of all foreclosure sales in California were for homes purchased or refinanced in 2005 and 2006. Of properties sold at auction, 95% went back to lenders - for a total of 9,015 properties with a loan value of $3.7 Billion dollars. Notices of Default, the first stage of the foreclosure process, rose by 16.3% in August to 26,563, and Notices of Trustee Sale, which set the auction date and time, fell by 2.2% to 12,896.
During August, Riverside County posted the state’s highest per capita foreclosure activity. The Inland Empire’s other county, San Bernardino, moved up just one spot to number 8, despite an 18.1% increase in foreclosure sales.
The Report’s Rankings were 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
indicate the number of properties sold at foreclosure auction. 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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