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April Foreclosure Statistics

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 April foreclosure report:

Filings:

There was a significant decline in both Notice of Default (NOD) and Notice-of-Trustee Sale (NTS) filings in the month of April. This was seen on both the County and State levels. In San Diego County, NOD filings were down 12% from the prior month and 9% from the prior year. San Diego County NTS filings were down 16% from the prior month and 24% from the prior year. The State of California saw a 24% decrease in NOD filings over the prior month and a 16% decrease in NOD filings over the prior year. The state’s NTS filings declined 24% over the prior month and 32% over the prior year. The continued trend of decreasing filings is resulting in substantial declines in foreclosure inventories (as you will see below).

Outcomes:

Cancellations at the County level were down 19% from the prior month and down 58% from the prior year. At the State level, cancellations were down 4% from the prior month and were down 50% from the prior year.

At both the County and State levels, there was an approximately 13% decrease in the number of homes that went back to the banks when compared month-over-month and 61% decrease in the number of homes that went back to the banks when compared year-over-year. These findings are almost unchanged from last month’s report.

The number of properties purchased at auction by 3rd parties (generally investors) showed a large increase at the County level when compared to the prior month (up 20%) but a decrease when compared to the prior year (down 10%). The State showed a slight decrease month-over-month (2%) and a larger decrease year-over-year (12%). These statistics are accounting for the number of properties sold to 3rd parties. It is important to note that the percentage of auction properties that were sold to 3rd parties is at a record-level high. In the state of California, 41.3% of auction properties were sold to 3rd parties in the month of April.

Inventory:

In general, the Pre-foreclosure and Scheduled-for-Sale inventories were fairly flat when compared to the prior month (a repeat of what we saw in March). The Bank Owned inventories were down approximately 7% in both the County and the State when compared to the prior month (you can thank the record breaking percentage of 3rd party purchasers for helping out with this).

All three inventories were down significantly when compared to the prior year. In San Diego County there was a 25% decrease in Pre-foreclosure inventory, 14% decrease in Scheduled-for-Sale inventory, and 30% decrease in Bank Owned inventory when compared to the prior year. In the State of California there was a 26% decrease in Pre-foreclosure inventory, 19% decrease in Scheduled-for-Sale inventory, and 25% decrease in Bank Owned inventory when compared to the prior year.

For a glossary of foreclosure terms, questions on the foreclosure procedure or to get a copy of the full April 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).

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