Read our latest California Foreclosure Report: DOWNLOAD HERE
Highlights from this report:
- Foreclosure filings, outcomes and inventories dropped across the board from April to May
- Foreclosure filings also declined substantially year-over-year, with NOD’s down 43.3% and NTS’s dropping 35.8%.
- Cancellations increased 141.3 percent over the prior year
- 3rd Party sales, typically investors, were up 75.4 percent over the prior year
- Time-to-Foreclosure rose 30.5% from May 2009
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I have a question about your methodology- for some reason the individual county NOD/NTS numbers reported for a given month don’t seem to be the same in the folowing month’s report, or following year’s report. For instance- In the 2010 June report the May 2009 NTS in San Mateo County was reported as 344. In contrast the 2009 June report indicates that the May 2009 NTS was 236. Similarly, San Mateo county NODs for May 2009 were reported as 298 in 2009 and 421 in 2010. Has there been a change in methodology that explains these differences?
We will make updates and corrections when necessary. We used to have a lot of trouble getting current data in San Mateo and would correct it by hand for each month’s report, possible that step was missed in May 2009 and later corrected.
Can you exspand on the comment about the cancellations with no mod, short sale and owner abandoning the property? I started noticing that last year with a few properties and discovered another accross the street from a house we bought at auction last month. In another instance, BAC cancelled right after they departed, then several months later, refiled. House remained vacant for months. Cazier yet, they postponed the sale on the new NTS.