OCCLN.com’s Mike Reicher had the following article on some pertinent real estate news for Orange County.
Fewer Orange County homeowners received notices of default in April, the first step in the foreclosure process, compared to the previous month and in April 2009, a positive sign in the housing market’s rebound.
According to Bay Area-based ForeclosureRadar.com’s monthly “California Foreclosure Report,” 1,671 homes were given notices of default, compared to 2,059 in March and 3,031 in April 2009.
At the same time, the number of foreclosed homes sold or repossessed continues to rise, indicating that banks may be working through their backlog. There were 853 homes either sold to a third party or repossessed by the bank in April, compared to 782 in March and 579 in April 2009.
The drop in notices mirrors the trend in California, where they’re down 41 percent compared to April 2009. But ForeclosureRadar also notes that the average time it takes for a bank to foreclose has increased, a trend that offsets the drop in notices.
Read more at: www.oclnn.com