California foreclosures sales jumped 31.9 percent in May, following a 35 percent increase the prior month, according to a report Tuesday from ForeclosureRadar, a Discovery Bay-based company that tracks the daily movements of foreclosures in the state.
“Notices of Trustee” sales, which set the auction date and time, rose 42 percent from April, indicating that foreclosure sales are likely to continue to rise in the weeks and months ahead, the report says. Despite these increases, and a record number of foreclosures scheduled for auction, lenders continue to voluntarily postpone the majority of foreclosure sales, the report says.
The majority of foreclosure sales continue to be taken back by the lender, with 87.9 percent, or 15,599 sales, with a total loan value of $6.98 Billion, taken back by the lender in May.
PS- Sean from FC Radar will be our speaker in September at the Capital City Wealth Builders monthly meeting (Plse. See: CCWealthbuilders.com)
