20 November 2008
Foreclosure sales dropped by 39.1
Foreclosure sales dropped by 39.1 percent from the prior month, due to significant increases in cancellations and postponements. Under California law, scheduled foreclosure sales can be postponed for a period of up to one year, until they are either cancelled or sold. Cancellations, where the home is taken out of foreclosure, increased by 78 percent in October, resulting in nearly 20 percent of foreclosure sales scheduled for October being called off. Notice of Default filings, which start the foreclosure process, continue to be significantly impacted by CA State Senate Bill 1137, as lenders work through the new requirements the law imposed. Notices of Trustee Sale, however, rebounded after a significant drop the prior month.
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Filed under: Buyer Information, Foreclosures