My Real Estate Blog

Foreclosure starts decline in September

Following a steep spike in August, foreclosure starts returned to levels more in line with prior months in September, and were below the numbers reached at the peak.  California has seen a drop in activity of 56 percent since its peak, from 58,623 Notice of Default filings in March of 2009 to 25,778 today.

Foreclosure sales were mixed in September, with declines in Arizona, California and Nevada, while Oregon and Washington both showed increases. Despite the declines, the percentage purchased by third parties, typically investors, was at or near peak levels. In California, third parties made up a record 27.4 percent of all sales last month.

California statistics:
• Foreclosure starts declined 20.9 percent
• Foreclosure sales declined 23.3 percent
• Foreclosure timeframes declined 3.9 percent

Reprinted From C.A.R.