Foreclosure filings dropped both month-over-month and year-over-year in California in August, while the inventory of properties scheduled for the foreclosure auction block continued to grow, according to a report Tuesday from ForeclosureRadar Inc., a Discovery Bay-based company that says it tracks every California foreclosure.
Central Valley counties account for five of the state’s top ten counties for foreclosure sales per capita.
Key findings from ForeclosureRadar’s August report:
• Notices of Default filings, the first step in the foreclosure process, dropped substantially from July to 36,396 filings, a 19.1 percent decrease. Year-over-year filings dropped by 14.2 percent from August 2008.
• Notice of Trustee Sale filings continued to swing wildly, dropping 15.1 percent from July to 33,362, after having jumped 31.6 percent from June to July. Year-over-year filings dropped by 8.1 percent from August 2008.
• Foreclosures scheduled for trustee sale increased to 131,300, a 5.1 percent increase from July, and an 89.1 percent year-over-year increase from August 2008.
• Foreclosures sold at auction increased 3.4 percent to 17,829 sales, with a combined loan value of $8.31 billion. Year-over-year trustee sales remain 32.2 percent lower than August 2008. Just 13.4 percent of scheduled foreclosure sales were sold at auction in August, while 37.9 percent of scheduled foreclosure sales were sold in August 2008.
The majority of sales are being postponed to a future date at either the lenders request or with their agreement.
