REAL ESTATE
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O.C. sees a slight drop in foreclosures
Average daily rate dropped from 107 in October to 99 in November.
By Tina BorgattaPublished: December 17, 2009 11:50 AM
Foreclosure notifications in Orange County dropped about 25 percent between October and November, according to a report by ForeclosureRadar.com, which tracks foreclosures and auctions throughout the state.
However, because there were fewer recording days in November due to the Veterans Day and Thanksgiving holidays, the average daily rate of notifications dropped only slightly – from about 107 in October to approximately 99 in November.
The daily average of trustee sales notifications fell from about 111 in October to 87 in November.
The most remarkable statistic, however, is the year-over-year number of foreclosed homes that sold to third parties in Orange County during the month of November. The report shows that 254 homes were sold “at the court house steps” last month, which is more than double the amount (124 homes) sold during the same period last year. In October, 335 homes in the county were sold to third parties, according to the report.
Even more notable, however, is a statewide 40 percent spike in foreclosure cancellations. The report speculates that the pop is likely due to the Obama Administration’s new campaign to convert trial loan modifications into permanent modifications.
“We’ve been waiting to see some impact from the Home Affordable Modification Program,” says Sean O’Toole, ForeclosureRadar.com founder and CEO. “The 40 percent increase in cancellations this month is likely just the beginning of what we expect will be a wave of cancellations under this program.”
Statewide, trustee sales notifications dropped 13.4 percent, while sales to third parties jumped 8 percent on a daily average basis, according to the report.
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However, because there were fewer recording days in November due to the Veterans Day and Thanksgiving holidays, the average daily rate of notifications dropped only slightly – from about 107 in October to approximately 99 in November. The daily average of trustee sales notifications fell from about 111 in October to 87 in November. The most remarkable statistic, however, is the year-over-year number of foreclosed homes that sold to third parties in Orange County during the month of November. The report shows that 254 homes were sold “at the court house steps” last month, which is more than double the amount (124 homes) sold during the same period last year. In October, 335 homes in the county were sold to third parties, according to the report. Even more notable, however, is a statewide 40 percent spike in foreclosure cancellations. The report speculates that the pop is likely due to the Obama Administration’s new campaign to convert trial loan modifications into permanent modifications. “We’ve been waiting to see some impact from the Home Affordable Modification Program,” says Sean O’Toole, ForeclosureRadar.com founder and CEO. “The 40 percent increase in cancellations this month is likely just the beginning of what we expect will be a wave of cancellations under this program.” Statewide, trustee sales notifications dropped 13.4 percent, while sales to third parties jumped 8 percent on a daily average basis, according to the report. |
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