Real Estate Blog - Here comes the second wave

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Here comes the second wave - Inland Empire Foreclosures

Hey Everyone,

OK, we have a trend. It looks like the second wave of foreclosures is starting to come through the door, gotta love those Alt-A failure rates. Both San Bernardino and Riverside counties logged the highest notice of defaults (NOD's) in March. The trend line is really picking up, if this continues for the next couple months the market will be flooded with new inventory.

The numbers of cancelations have increased about three fold from their lows but they are still very low, this is a sign that loan mods and work outs work for a very low number of those losing their homes.

Enjoy!

Empire Realty

San Bernardino County

NOD's - Notice of Default

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2006

1,003

1,165

1,261

1,369

2007

1,489

1,305

1,623

1,586

1,786

2,038

2,272

2,693

2,176

2,435

1,266

3210

23,879

2008

4,033

3,496

4,035

4,150

4,106

4,281

4,094

4,213

1,515

1,752

2,276

4016

41,967

2009

4,025

4,604

5,275

2008 % Change M to M

25.6%

-13.3%

15.4%

2.9%

-1.1%

4.3%

-4.4%

2.9%

-64.0%

15.6%

29.9%

76.4%

2008 % Change Y to Y

170.9%

167.9%

148.6%

161.7%

129.9%

110.1%

80.2%

56.4%

-30.4%

-28.0%

79.8%

25.1%

2009 % Change M to M

0.2%

14.4%

14.6%

2009 % Change Y to Y

-0.2%

31.7%

30.7%

NOS's - Notice of Sale

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2006

305

417

458

501

2007

638

760

883

785

1,103

1,034

1,253

1,295

1,405

1,894

1,169

2,153

14,372

2008

1,981

1,352

2,615

2,982

3,359

3,451

3,650

3,570

1,936

2,427

2,901

2,455

32,679

2008

2,428

2,152

3,487

2008 % Change M to M

-8.0%

-31.8%

93.4%

14.0%

12.6%

2.7%

5.8%

-2.2%

-45.8%

25.4%

19.5%

-15.4%

2008 % Change Y to Y

210.5%

77.9%

196.1%

279.9%

204.5%

233.8%

191.3%

175.7%

37.8%

28.1%

148.2%

14.0%

2009 % Change M to M

-1.1%

-11.4%

62.0%

2009 % Change Y to Y

22.6%

59.2%

33.3%

Data Source: foreclosureradar.com - Analysis Empire Realty

Cancelation of Auction

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Here comes the second wave - Inland Empire Foreclosures

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