Foreclosure Activity Declines
—Info provided by Property Radar
Foreclosure sales dropped significantly in February, according to a report by ForeclosureRadar. Although sales to third parties, typically investors, were down month-over-month, as a percentage of all sales, third parties purchased a record 37.6 percent of foreclosures, up from 20.3 percent a year earlier, and just 2.2 percent in February 2008.
California, Nevada, and Washington experienced substantial drops in new foreclosure filings. Unlike years past, February's drop in sales was not due to the short month. As a result of Leap Year, California had only one less business day than usual in February (because of the observance of Abraham Lincoln's birthday). The other states do not observe Lincoln’s birthday, and so had the same number of business days as other months.
Foreclosure starts declined 12.8 percent in California in February, and foreclosure sales declined 22.3 percent. The length of time it took to foreclose on a house in California increased 6.5 percent.
California, Nevada, and Washington experienced substantial drops in new foreclosure filings. Unlike years past, February's drop in sales was not due to the short month. As a result of Leap Year, California had only one less business day than usual in February (because of the observance of Abraham Lincoln's birthday). The other states do not observe Lincoln’s birthday, and so had the same number of business days as other months.
Foreclosure starts declined 12.8 percent in California in February, and foreclosure sales declined 22.3 percent. The length of time it took to foreclose on a house in California increased 6.5 percent.
This is great news for the housing market; let's talk about what this means for you.
Carylee Stone
Distinctive Properties
858-344-2632
carylee@stonehometeam.com
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