O.C. default notices down 45%

The Orange County Register posted the lastest report from ForeclosureRadar.com, which  shows that in Orange County in April:

  • Notices of default were down significantly compared to both the previous month and April 2009 — 19% and 45%, respectively.
  • Notices of trustee sales — or foreclosure auctions – also took a dip since last month but went up vs. last April.
  • More homes went back to banks than in March or April a year ago.
  • More investors (3rd parties) are buying at the auctions now than last April and even in March.

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Month NOD NTS Back to bank Sold to 3rd
April 2010 1,671 1,776 556 297
March 2010 2,059 2,053 543 293
April 2009 3,031 1,712 417 162

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While loan modifications and short sales are helping to prevent some foreclosures, real estate and mortgage industry types say the numbers don’t tell the whole story, because as more people have defaulted on loans, banks have gotten backed up, and some homeowners have gone for months or longer without making mortgage payments or getting a default notice.

And concern remains about whether there is a “shadow inventory” of homes that  either have not gone back to banks yet or have not been put back on the market by lenders.

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