California Foreclosure Report

The most recent foreclosure report published by ForeclosureRadar has some good news and some bad news.

  • Notices of Default – the first step in the foreclosure process – increased 26% and reached a record peak in March 2009 with 54,268 filings (previous peak was April 2008)
  • Notices of Trustee sale – which set the auction date and time – increased from February by 82.3% to 33,178 filings
  • Sales at auction decreased 41.4%.  While there is a lag between the foreclosure filings and the sales, this will catch-up eventually.

Your status as a buyer or a seller will determine whether or not this is good news or bad news.  The perfect storm of low mortgage interest rates and low real estate prices make this a great time to buy, but that can be a little tricky if you need to sell your property before you can buy another one.

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