REAL ESTATE INDUSTRY NEWS
Orange County foreclosure notices spike in January
The figure is up slightly from December but down from the same month last year.
By Carol StarcevicPublished: February 16, 2010 09:55 AM www.OCmetro.com
Foreclosure notifications in Orange County rose slightly in January from the previous month, but the number still remains significantly lower than January of 2009’s figure. A report by ForeclosureRadar.com shows 1,629 notices of default were recorded last month, compared to 1,613 from December and 2,282 from the same period the year before. In addition, 523 properties were returned to banks, up 86 from December but down 193 from January 2009. And 303 homes were sold to a third party, up 81 from December and 183 from the same time last year, according to the report. The increase in third-party sales signals a growing trend in the distressed real estate market. The report indicates that investors are reporting increased competition and higher bids at auctions, bringing the average discount to 17.5 percent last month, which is down from 18.6 percent in December.Of all California regions, the biggest figures come out of Los Angeles County, which recorded 5,297 foreclosure notices last month, down from 5,519 in December. However, the report cautions against taking the decrease at face value, noting there were only 19 recording days in January versus 22 in December. But it’s still a dramatic drop from the 8,457 notices that were recorded during January 2009.“With delinquent payments rising, foreclosures slowing and foreclosure alternatives failing, it appears the foreclosure crisis will be with us for many years to come,” says Sean O’Toole, founder and CEO of ForeclosureRadar.com, which tracks foreclosure activity in California by county.The region with the fewest filings: Modoc County, a region in the northeastern corner of California with a population of less than 3,000, which recorded 4 notices of default in January. That’s down 2 from December and up 2 from January 2009.last year, according to the report. The increase in third-party sales signals a growing trend in the distressed real estate market. The report indicates that investors are reporting increased competition and higher bids at auctions, bringing the average discount to 17.5 percent last month, which is down from 18.6 percent in December.Of all California regions, the biggest figures come out of Los Angeles County, which recorded 5,297 foreclosure notices last month, down from 5,519 in December. However, the report cautions against taking the decrease at face value, noting there were only 19 recording days in January versus 22 in December. But it’s still a dramatic drop from the 8,457 notices that were recorded during January 2009.“With delinquent payments rising, foreclosures slowing and foreclosure alternatives failing, it appears the foreclosure crisis will be with us for many years to come,” says Sean O’Toole, founder and CEO of ForeclosureRadar.com, which tracks foreclosure activity in California by county.The region with the fewest filings: Modoc County, a region in the northeastern corner of California with a population of less than 3,000, which recorded 4 notices of default in January. That’s down 2 from December and up 2 from January 2009.
