The Malibu Real Estate Resource Guide Malibu California Real Estate ׀ Malibu Homes for Sale & Lease ׀ Malibu Land
The Malibu Real Estate Resource Guide
Malibu California Real Estate ׀ Malibu Homes for Sale & Lease ׀ Malibu Land
Foreclosure filings in California dropped in April for the first time since the beginning of the year, according to ForeclosureRadar, which tracks the filings.
Notices of default dropped 16% from March, after rising 3.75% from February. Default notices also increased 41% from last year, reaching 27,832 in April. The notices of trustee sale declined 10% from March to 30,578 in April. The amount of properties heading back to the bank as REO dropped 5.5% from March but stayed 19% above levels seen last year.
But the inventory of properties in pre-foreclosure or scheduled for sale did not drop as much. Pre-foreclosure inventory includes properties that have received a notice of default but have not been scheduled for sale. Pre-foreclosures dropped 3.17% from March, while the properties scheduled for sale dropped 2.7%.
Foreclosure cancellations, however, continue to increase after passing REO levels in December 2009. Cancellations increased another 11% in April, a sign that foreclosure alternative programs such as the Home Affordable Modification Program (HAMP) and the Home Affordable Foreclosure Alternatives (HAFA) program could be making a dent in California.
Bobby Lehmkuhl ׀ Bobby@4Malibu.com ׀ 310.365.7696 ׀ Broker Lic. #01457517
Danielle Dutcher ׀ Danielle@4Malibu.com ׀ 805.341.8769 ׀ Broker Lic. #01463653
Material discussed is meant for general illustration and/or informational purposes only and it is not to be construed as tax, legal, or investment advice. Although information has been gathered from sources believed to be reliable, please note that individual situations can vary, therefore, please consult a professional for specific advice.