Foreclosure filings slowed in February – Irvine Real Estate – Irvine Homes for Sale

by Robert Mack on March 15, 2011

in Latest News, Sellers

ForeclosuresForeclosure activity slowed significantly in February, according to ForeclosureRadar.com, with filings down in Arizona, California, Nevada, Oregon and Washington.

Foreclosure sales saw a similar dip, a dramatic turnaround from the surge in January sales, the firm said. Bank-owned inventories were mostly flat, suggesting that fewer REOs (“real estate owned” properties owned by lenders), were resold in February.

In Fresno County, notices of default were down 4.82% in February versus the prior month and down 17.91% versus a year earlier. Yet foreclosure cancellations also were down 12.45% month-to-month and down 24.72% versus a year earlier.

In Kings County, notices of default were down 19.15% in February versus the prior month and down 30.28% versus a year earlier. Cancellations were down 15.62% month-to-month and down 40% versus a year earlier.

In Madera County, notices of default were down 17% in February versus the prior month and down 24.03% versus a year earlier. Cancellations were down 2.38% month-to-month and down 39.44% versus a year earlier.

In Tulare County, notices of default were down 5.88% in February versus the prior month and down 23.23% versus a year earlier. Cancellations were down 1.87% month-to-month and down 25% versus a year earlier.

In California, foreclosure filings in February dropped to levels not seen since since late 2008, when government intervention temporary slowed the process. Notice of default filings dropped 12.8% month-over-month and fell 29.6% versus a year earlier.

“We will likely see more sluggish foreclosure activity in the months ahead,” said Sean O’Toole, CEO and founder of ForeclosureRadar.com, in a statement, “while lenders continue to work through lingering concerns over foreclosure documentation and deal with process changes.”

Posted on Irvine Orange County Real Estate Market News

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