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Foreclosures surge in California
January brought significant increases in foreclosure sales in California, including the Central Valley, according to figures from ForeclosureRadar Inc., a Discovery Bay-based company that says it tracks every foreclosure filing to its resolution.
The increases return volumes to pre robo-signing levels, the company says.
`While the increase is significant, we've seen larger surges after moratoriums or delays have played out in the past,` says Sean O`Toole, founder and president of ForeclosureRadar Inc.
`For example in California after the delays caused by Senate Bill 1137 we saw a surge in Notice of Default filings that far eclipsed any prior period. That is not the case here,` he says. `Despite months of slow sales, we've simply returned to prior levels, which to me indicates banks remain reluctant to aggressively foreclose despite the time it takes to foreclose being at or near record levels, and large inventories of properties still scheduled for foreclosure sale.`
Read the full article here.
January brought significant increases in foreclosure sales in California, including the Central Valley, according to figures from ForeclosureRadar Inc., a Discovery Bay-based company that says it tracks every foreclosure filing to its resolution.
The increases return volumes to pre robo-signing levels, the company says.
`While the increase is significant, we've seen larger surges after moratoriums or delays have played out in the past,` says Sean O`Toole, founder and president of ForeclosureRadar Inc.
`For example in California after the delays caused by Senate Bill 1137 we saw a surge in Notice of Default filings that far eclipsed any prior period. That is not the case here,` he says. `Despite months of slow sales, we've simply returned to prior levels, which to me indicates banks remain reluctant to aggressively foreclose despite the time it takes to foreclose being at or near record levels, and large inventories of properties still scheduled for foreclosure sale.`
Read the full article here.