Sheriff Sales and Foreclosure Filings Decline in California in 3Q- By: John Cutts
Fewer houses were sold at Sheriff sales during the July-September 2010 period in California compared with the same 2009 quarter, according to the latest housing industry data. Real estate observers have reported that the number of distressed properties in the state has dropped, although it remains at almost record level.
Homes sold in San Francisco foreclosure auctions and in other areas of California have declined, according to residential property reports. In the Bay Area, MDA DataQuick reported that a total of 12,690 notices of default were issued during the July-September period. The figure represents a 32.5% drop compared with the same 2009 period, although it did show a slight increase when compared with the 2010 second quarter.
Although houses sold at California foreclosed home auctions declined when compared with 2009 totals, the state still ranks among the top five regions in the U.S. in terms of foreclosure rates. In the past decade and a half, data showed that the Bay Area region has an average of over 6,000 notices of default issued every quarter. The third quarter total showed that despite the decline, the number is still double the averages recorded in the past 15 years.
The data covers properties sold at auctions and Sheriff sales and those households that are in the first phase of foreclosure. Housing market analysts reveal that third quarter property figures do not reflect the impact of the moratorium imposed by several lenders on various states of the U.S.
Overall, houses at auctions posted better figures than last year, but recorded a slight increase compared with the previous quarter. In the whole California, over 83,000 notices of default were issued during the quarter, representing a 25.5% drop compared with the 2009 third quarter. However, it also represents an 18.9% increase when compared with the 2010 second quarter.
Meanwhile, trustee deeds or the final procedure of foreclosure totaled 6,757 in Bay Area, representing a 9.4% drop compared with the 2009 third quarter and an almost unchanged number compared with the second quarter of 2010. Statewide, trustee deeds and homes to be sold at Sheriff sales and other channels totaled 45,377. This translates to a 9.3% decline from the 2009 third quarter and a 4.8% drop from the 2010 second quarter.
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John Cutts has been educated in the finer points of the foreclosure market over 5 years.