Foreclosure Sales Continue to Plummet

There has been a dramatic drop in the number of properties that have been sold at trustee sales/foreclosure auctions. California’s foreclosure sales are down 16.7% from February 2012 – March 2012 and are down nearly 53% from March 2011. Of the nearly 90,000 sales scheduled for California, 80% were postponed and nearly 10% were cancelled. Just over 80,000 sold. Third parties accounted for nearly 40% of the properties that did sell in California. Large increases in foreclosure starts occurred in California, Nevada and Washington. Even with this increase, the volume of new foreclosures remains down year over year.