Foreclosure Radar released the February 2010 California Foreclosure Report today. The report had some interesting data. Highlights of the report:
- Notice of Default’s were up 20% in February after 4 months of declines. This is to be expected based on rise in delinquencies. Despite the increase, they are down year over year almost 40%
- Foreclosures are down. There was a 14.34% decrease in the number of properties going back to the bank at the courthouse steps. The number of foreclosures going to 3rd party investors at the court house steps was also down 2.72%. These numbers are very low based on the number of delinquencies.
- Foreclosure cancellations remains flat because loan modifications are not happening- “hamp has failed”.
- Bank owned inventory (REO’s) are up even with foreclosures down because resales are slow
Check out the full report below: