Mira Loma foreclosures continue to run high but it does not appear that the tide is starting to turn as cancellations are up and new notices of default are down. Third party investor activity continues to be hot with multiple parties bidding up sales at the courthouse steps.
February 2010 Results
Initial Foreclosure Filings - Notices of Default. There were 23 Mira Loma properties which received a Notice of Default - the first public step in the foreclosure process - during February 2010. This is down from the 33 homeowners receiving these notices in January 2010 and down dramatically from the 66 homeowners who received these notices in February 2009.
Foreclosures - REO & 3rd Party Purchases. There were 15 homeowners who actually lost their homes via a trustee sale in February 2010. This is down from the January 2010 period when 21 homeowners lost their homes. In the year ago period of February 2009 there were 21 homeowners who lost their property. Investor activity - cash buyers who buy a property at the courthouse steps - continues to be a strong trend in February 2010. 4 of the 15 homes foreclosed in February were actually bought by these investors. In January 2010, 7 of the 9 homes foreclosed were by investors while in February 2009 there were no purchases at the courthouse steps by investors.
Cancellation Announcements. There were 24 cancellation notices announced at the courthouse steps in February 2010, surely welcome news to those homeowners facing imminent foreclosure. This was an increase from the 20 cancellations in January 2010 and significantly up from the 8 cancellations in February 2009.
Current Distressed Inventory. As of February 28, 2010 there were 101 property owners with a current Notice of Default and another 227 properties with a Notice of Default. The local MLS system indicates that there are a total of 93 properties listed as either in-foreclosure, notice of default or short-sale.
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