My Real Estate Blog

December 2nd, 2010 11:23 AM
Foreclosure sales drop in Western states

Foreclosure sales declined across the Western states in October amid foreclosure suspensions by some lenders, according to a report by ForeclosureRadar.  ForeclosureRadar's monthly reports cover California, Arizona, Nevada, Oregon, and Washington.

In California, notice of default filings declined 25.5 percent year-over-year in October to 27,217.  Nevertheless, overall bank-owned (REO) inventory in California rose 16.5 percent year-over-year and 1.5 percent from September.

Foreclosure time frames in California continued to rise compared with the same period last year. An average of 279 days passed between the filing of a notice of default and a sale at auction, up from 211 days in October 2009. An additional 210 days passed on average between the sale at auction and when the bank resold the property, up from 183 days.

Reprinted From C.A.R.

Posted by Adam Mallory on December 2nd, 2010 11:23 AMPost a Comment (0)

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