“Foreclosure auction sales in states along the West Coast have bounced back to levels not seen since robo-signing moratoriums went into effect last fall, the California-based tracking firm ForeclosureRadar reported Tuesday.
ForeclosureRadar says it recorded “significant increases” in all five states during the month of January both in terms of the number of properties that went back to the bank and those that were sold to third-party investors. REO inventories increased everywhere except in Oregon where banks sold more homes then they took back.
“We have not seen this level of activity on the courthouse steps for months,” said Sean O’Toole, CEO and founder of ForeclosureRadar. “The increase in foreclosures is just in time to provide a fresh supply of entry level homes for the spring homebuying season.”
ForeclosureRadar’s data show that in Arizona, foreclosure sales in January skyrocketed when compared to the previous month, with a 56.2 percent increase in homes that went back to the bank and a 52.7 percent increase in sales to third parties.
Both banks and third parties bought more properties in January 2011 than in any other single month since ForeclosureRadar began tracking Arizona foreclosure sales in August 2009. Notice of trustee sale filings in the state were up 10.9 percent in January 2011 from the prior month, the first increase in six months.
January foreclosure sales followed a similar path in California, with 51.5 percent more sales going back to the bank than in December and 52.8 percent more properties purchased by third parties.
Reversing a four-month declining trend, notice of default filings in the Golden State rose 6.9 percent month-over-month, according to ForeclosureRadar’s analysis, while notices of trustee sale dropped 13.8 percent from the prior month. January marked the first time in six months that foreclosure cancellations in the state increased, rising 12.4 percent compared to December’s cancellations…”
Read the rest of this article by DSNews.com here.
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