California Foreclosure Update - www.4Malibu.com/ForeclosureSearch.html

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California FORECLOSURE REPORT

The headline foreclosure news in October was the suspension of foreclosures by a handful of lenders, after certain procedures were called into question. While the announcements initially focused on 23 judicial foreclosure states outside of our coverage area, Ally (GMAC), PNC and Bank of America all later announced that they would be suspending foreclosures nationally. The week after the announcements, we saw evidence of those suspensions on Tuesday, October 12; after the Monday holiday. Ally restarted foreclosures just a week later on October 18; but neither Bank of America nor PNC have resumed foreclosure sales as of November 15th.

Foreclosure sales dropped dramatically across our coverage area as a result, though slight declines by other lenders would have likely led to a drop in October's foreclosure sales regardless. It should be noted that ForeclosureRadar monitors foreclosure sales at the time of the foreclosure auction, providing far more current data than other services which track Trustee's Deeds that are filed weeks later.

Foreclosure filings were less impacted by the announced suspensions. Filings by Bank of America dropped slightly just after their announcement, but began picking up the following week. PNC appears to have largely stopped new filings, but they typically represent less than 2 percent of filings, so their impact was minimal. Despite the limited impact of announced suspensions, Notices of Default filings were generally down. For State-by-State details, review the table below or click the State links for complete foreclosure data at the State, County, City and ZIP Code levels.

California

Preforeclosure inventories dropped 11.8 percent in October from the prior month, largely thanks to a 16.8 percent drop in Notice of Default filings. Foreclosure suspensions led to a 29.9 percent decline in foreclosure sales that went Back to Bank (REO), and a 26.4 percent decline in those Sold to 3rd Parties. Despite the significant decline in new Bank Owned (REO) properties, Bank Owned (REO) inventories actually rose, as REO resales continued to slow.

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