November Foreclosure Statistics
The November foreclosure reports are out. We watch San Diego County and the State of California new filings, outcomes and inventory on a monthly basis. Here’s a quick summary of the November report:
Filings:
On both the County and State level, we saw an almost 15% decrease in new Notice of Default (NOD) filings over the prior month. Year-over-year, the NOD filings were down 3% in San Diego County and 11% in the State of California.
Year-over-year, both the County and State Notice-of-Trustee Sale (NTS) filings followed the general trend and were down 9% at the county level and 15% at the state level. The prior month NTS filings
moved in the opposite direction. When compared to the prior month’s numbers, there was a 25% increase in NTS fillings in San Diego County and a 33% increase in the State. It’s important to note that several of the major lenders have put a halt on trustee sales for the holiday season. This will effect the numbers for the next month or two and may have something to do with the unusually high
number of NTS’s filed in November (this could be an effort to be sure they have files ready for sale immediately after the holidays).
Outcomes:
At both the County and State level, there was a significant increase in the number of cancellations (foreclosure filings that are cancelled before the foreclosures are complete). The increase was more significant when comparing to the prior month but was positive when compared to both the prior
month and prior year.
At both the County and State levels, there was an almost 13% decrease in the number of properties that went back to the banks when compared to the prior month. There was an almost 19% decrease in the number of properties that went back to the banks when compared to the prior year.
The number of properties purchased at auction by 3rd parties (generally investors) has increased since November 2010 (11% County, 27% State) but was down 9% for the County and 13% for the state when compared to the prior month.
Inventory:
Preforeclosure, scheduled for sale and bank owned inventories remained fairly flat month-over-month but are all down significantly when compared to November 2010 (estimated 20%, 31%, and 10%
respectively).
For a glossary of foreclosure terms, questions on the foreclosure procedure or to get a copy of the full November report, please email a request to: emily@capstonerealtycorp.com
To look for foreclosures in your area, please use our Foreclosure Search page (direct access to Foreclosure Radar records at no cost to you).
