Foreclosure Process Slows in California

By
Real Estate Agent with The Collective DRE#01705405

Report: Default notices fall 44.6% year-over-year in March

 

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According to www.foreclosureradar.com

It took banks 27.9 percent longer, or 225 days, to foreclose on a property in California last month than it did in March 2009, and 0.45 percent longer than it did in February, according to data tracked by foreclosure data company ForeclosureRadar.com.

The foreclosure process is likely to take longer in the future, the report said, since banks delayed sending notice of trustee sale filings to borrowers until an average of 188 days had passed since the notice of default, up from 142 days in February.

The pre-foreclosure inventory estimate fell 12.1 percent year-over-year in March.

The inventory of bank-owned properties (REOs) in California dropped 26.5 percent year-over-year and 1.4 percent month-to-month, ForeclosureRadar reported.

Foreclosure filings have dived since last year, 

 

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