 Foreclosure Report From www.ForeclosureRadar.com
Foreclosure filings and sales increase
throughout most of our coverage are in August. Foreclosure starts jumped
significantly, reversing what had been a declining trend over the past several
months. Investors bought more properties on the courthouse steps in August than
in July everywhere except in Washington. The number of properties Sold Back to
Bank jumped significantly in Oregon, and also rose in California and Nevada.
Foreclosure starts (the first notice filed, either a Notice of Default
or Notice of Trustee Sale depending on the state) rose in every state. This
appears to have been primarily driven by Bank of America and related entities,
where we saw an overall 116 percent increase from July to August. Wells Fargo
and US Bank also saw an increases in foreclosure start filings, while filings by
JP Morgan Chase and Citibank were essentially flat.
“Bank of America
appears to be primarily responsible for the surge in foreclosure starts this
month,” says Sean O’Toole, Founder and CEO of ForeclosureRadar.com. “Since their
average time to foreclose has recently increased to more than a year, it is
unclear that these foreclosure starts will lead to an increase in foreclosure
sales anytime soon.”
Arizona
Notice of Trustee Sale filings, up 15.0
percent from the prior month, reversed a four-month downward trend. Properties
Sold Back to Bank (REO) continued a five-month decline, with an 8.0 percent drop
from July to August, and a 42.8 percent drop from this time last year. Investors
were more active in August, with properties Sold to 3rd Parties up 4.9 percent
month-over-month and up 38.7 percent year-over-year. Time to foreclose in August
was flat from July at 175 days but 15.0 percent longer than a year ago.
View all Arizona stats by state, county, city or ZIP
California
Notice of Default filings increased 69.5
percent to the highest level in a year. Notice of Trustee Sale filings were up
more moderately, rising 6.0 percent month-over-month, but down 23.6 percent
year-over-year. Cancellations were nearly flat, up just 1.9 percent from July.
Activity on the courthouse steps increased in August. Properties Sold Back to
Bank (REO) increased 12.3 percent from the prior month. Properties Sold to 3rd
Parties rose 9.9 percent month-over-month, and 10.8 percent year-over-year. Time
to Foreclose increased to 333 days in August, which is 49 days longer than a
year ago.
View all California stats by state, county, city or ZIP
Nevada
Notice of Default filings jumped 44.2 percent
month-over-month, but fell 13.6 percent year-over-year. Notice of Trustee Sale
filings slipped for the fifth consecutive month, dropping 9.9 percent
month-over-month, and 43.4 percent year-over-year. Investor activity increased
in August. Properties Sold to 3rd Parties rose 19.8 percent from July, and 27.8
percent from last year. Cancellations declined for the fourth straight month,
dropping 9.0 percent in August to the lowest level in 15 months. Time to
Foreclose jumped 14.3 percent in August from July, reaching a new record of 368
days. The Time to Resell increased month-over-month for both Banks at 179 days
and 3rd Party Investors at 108 days.
View all Nevada stats by state, county, city or ZIP
Oregon
Notices of Default were up in August over
July by 35.6 percent, but filing activity remains 45.8 percent below this time
last year. Properties Sold Back to Bank (REO) rose dramatically, up 243.3
percent month-over-month, as Recontrust, a subsidiary of Bank of America, began
to clear the 2,800 foreclosures it started in April. Properties Sold to 3rd
Party investors were up as well, 46.0 percent month-over-month and 17.4 percent
year-over-year. The Time to Foreclose dropped in August for the second month in
a row, down 9 days from July to 150 days.
View all Oregon stats by state, county, city or ZIP
Washington
Washington saw a 3.4 percent increase in
Notice of Trustee Sale filings in August from July, which reversed four months
of consecutive declines. Activity on the courthouse steps slowed as foreclosures
Sold Back to Bank (REO) dropped 29.4 percent month-over month, and foreclosures
Sold to 3rd Parties, typically investors, were down 33.3 percent. Time to
Foreclose was nearly flat in August at 104 days.
View all Washington stats by state, county, city or ZIP
| State |
Notice of Default |
Notice of Sale |
Back to Bank |
Sold to 3rd Party |
| Arizona |
n/a |
+ 15.0% |
- 8.1% |
+ 4.9% |
| California |
+ 69.5% |
+ 6.1% |
+ 12.3% |
+ 9.9% |
| Nevada |
+ 44.2% |
- 9.9% |
+ 1.2% |
+ 19.8% |
| Oregon |
+ 35.6% |
n/a |
+ 243.3% |
+ 46.0% |
| Washington |
n/a |
+ 3.9% |
- 29.4% |
- 33.3% |
|
