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

Foreclosure 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.”