The report from foreclosureradar.com noted a substantial month-to-month 45.4 percent jump in the notices of default (NOD), the initial notice that a homeowner receives once they fail to pay their mortgage. The number of NOD in December was 32,948 compared to 22,665 in November.
December auction sales increased by 4.1 percent from November, to a total of 12,783 properties with a loan value of $5.18 billion dollars. Additionally, a total of 9,001 properties have been sold at auction in just the first eight business days of January, with daily average sales 76 percent higher than in December.
“The impact of the credit crisis that began in August is now clearly starting to show its impact,” said ForeclosureRadar founder Sean O'Toole. “Many analysts fail to understand the delays inherent in the foreclosure process, and I believe we have yet to see the real impact from the ARM resets that began in earnest last October.”
The majority of loans going to auction continue to have been originally made in 2006 (52 percent), 2005 (34 percent), 2007 (8 percent) and 2004 (5.4 percent) reports ForeclosureRadar. At the county, level notable month over month increases in activity were seen in Riverside, San Bernardino, San Diego, Ventura, Orange, Los Angeles, Santa Cruz, Marin and San Francisco counties.
CALIFORNIA FORECLOSURE REPORT METHODOLOGY
Rankings are based on population per foreclosure sale. NOD indicates the number of Notices of Default that were filed at the county, and NTS indicates filed Notices of Trustee Sale. Sales indicates the number of properties sold at foreclosure auction. Percentage changes are based on monthly Sales. The data presented by ForeclosureRadar is based on county records and individual sales results from daily foreclosure auctions throughout the state – not estimates or projections.
ForeclosureRadar is the only web site that tracks every foreclosure in California with daily updates on all foreclosure auctions. ForeclosureRadar features unprecedented tools to search, manage, track and analyze preforeclosure, foreclosure auction, short sale and bank owned real estate. The web site was launched in May 2007 by Sean O’Toole, who spent 15 years building and launching software companies before entering the foreclosure business in 2002 where he has successfully bought and sold more than 150 foreclosure properties. ForeclosureRadar is an indispensable resource for real estate agents, brokers, lenders, investors, mortgage brokers, attorneys and other real estate professionals specializing in the California real estate market.