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REAL ESTATE NEWS
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RealtyTrac releases Q3 Foreclosure Market Report

After three quarters of declining activity, national foreclosures increase slightly

by Caitlin AdamsPublished: October 25, 2011 03:45 PM

RealtyTrac, the Irvine-based online real estate marketplace specializing in foreclosure listings, released its Q3 report earlier this month, noting that a national trend of declining foreclosure activity appears to have halted.

The latest report indicates that on the national level, the downward trend that marked the three previous quarters’ foreclosure filing statistics – including default notices, scheduled auctions and bank repossessions – hiccupped in the third quarter, with 610,337 filings nationwide during the period. Although the number represents a 34 percent decline from the same time last year, it interrupted the downward trend, with a slight increase of 0.35 percent over the previous quarter.

“Third quarter foreclosure activity increased marginally from the previous quarter, breaking a trend of three consecutive quarterly decreases that started in the fourth quarter of 2010,” said James Saccacio, CEO of RealtyTrac. “This marginal increase in overall foreclosure activity was fueled by a 14 percent jump in new default notices, indicating that lenders are cautiously throwing more wood into the foreclosure fireplace after months spent trying to clear the chimney of sloppily filed foreclosures.”

On the local scale, total new Orange County foreclosures during the period came in at 2,761. Anaheim saw the largest number of notices issued, with 302 new foreclosures filed. Villa Park saw the fewest in the period, with only four foreclosures.

Across all home sales, Fountain Valley’s real estate market is seeing a brisk turnaround, with homes getting snapped up after a little more than two months. Meanwhile, Corona del Mar homeowners looking to sell have the longest wait; homes in that neighborhood are currently languishing on the market, and have been for more than a year.

“While foreclosure activity in September and the third quarter continued to register well below levels from a year ago, there is evidence that this temporary downward trend is about to change direction, with foreclosure activity slowly beginning to ramp back up,” Saccacio said.

What holds true on the national stage, however, is not necessarily reflected in the Orange County market – at least, not in terms of foreclosed homes making it onto the sales block. According to broker Steven Thomas, the number of foreclosure sales in Orange County has been steadily decreasing.

“Despite all of the reports of the impact of ‘robo-signing,’ the data just does not support that theory here in Orange County,” Thomas said. “Instead, we started the year with 4,123 foreclosures and short sales on the market, and currently there are 3,544, a 14 percent drop.”


Related headlines
Orange County foreclosures down 14 percent
SoCal home sales plummet to four year low

Local mortgage defaults fall 11.7 percent in Q1





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Comment at 10/28/2011