Tuesday, May 13, 2008

April Foreclosure report

Foreclosure Radar has released the April foreclosure report and as expected the numbers continue to get worse and worse. I found the report on Mr Mortgage,s website, his site is pretty funny and his youtube videos are well worth a watch

Notice of Defaults (NOD = pre-foreclosures) were up 2.6% to a record high of 44,100 from 42,700 last month.

Notice of Trustee Sales (NTS or NOT = Foreclosure Notices) were up 7.8% to a record high of 28,892. That is more that 1000 a (business) day! Just think about that for a second. More than 1000 people a DAY are getting foreclosure notices in California. With a very large percentage of those received by residents of the IE (the IE has the 2nd highest foreclosure rate in the state, heck we could be number 1 by now).

Foreclosure Sales at Auction jumped 44% from March to April. (note this is the homes being sold at the Trustee sale, most go back to the bank. this is not a 44% jump in real estate sales). Of those 97.75% of the homes failed to sell at auction and went back to the lender.

And now for the Local Numbers.

San Bernardino County saw a 94 percent increase in foreclosure-related filings and Riverside County saw a 115 percent increase ( default notices, auction sale notices and bank repossessions) compared to a year earlier.

Last month, Riverside and San Bernardino counties together had 14,081 foreclosure-related filings, one for every 99 households. In April there were 2,457 homes repossessed in Riverside County, a more than 20-fold increase from 119 in April 2007, while 1,655 homes were repossessed in San Bernardino County, up more than six-fold from 250 a year earlier.

Homes lost to foreclosure were 20 times higher this April than last April in Riverside! No matter how you slice it, that is a shocking increase.

1 comment:

william said...

In April, Foreclosure records were set across the board in California still confirming, in my opinion, a disaster of epic proportions coming. The data continue to worsen.