Discovery Bay, CA (PRWEB) August 13, 2009
ForeclosureRadar (http://www.foreclosureradar.com)], the only website that tracks every California foreclosure and offers daily auction updates, issued its month-to-month California Foreclosure Report for July 2009. When once more, foreclosure stats have been mixed, with Notice of Default filings flat, Notice of Trustee Sale filings rising by 31.six percent and foreclosure sales dropping 22.7 percent. The quantity of properties scheduled for foreclosure sale – new Notices of Trustee Sale minus these sales that have cancelled or sold – rose to a record level of 124,874, practically double the levels reached for the duration of the foreclosure peak last year.

High-level findings for July 2009 consist of:
Filings of new Notices of Default had been small changed from June at 44,996 filings, a 1.five percent decrease. Year-over-year filings rose by 11.9 percent from July 2008.
Notice of Trustee Sale filings bounced back right after dropping in June to 39,294 a 31.six % enhance over the prior month, and a .7 percent boost over the prior year. The California Foreclosure Prevention Act, which adds 90 days prior to the filing of the Notice of Trustee Sale for lenders that do not have a comprehensive loan modification strategy in place, had only a fleeting effect last month with Notice of Trustee Sale filings hitting their second highest level on record in July, just two weeks after the law took influence.
Right after growing for three consecutive months, foreclosure auction sales dropped by 22.7 percent to a total of 17,239, with a combined loan value of $ 8.08 Billion dollars. Year-over-year sales dropped a substantial 40.1 %, with July 2008 obtaining the highest level of foreclosure sales on record at 28,795. Opening bids set by lenders were an average of 39.1 % lower than the loan balance, with 45. percent of sales discounted by 50. percent or a lot more.
Sales to third celebration bidders have been flat from June, with two,683 foreclosures sold to investors, or in increasingly rare instances, junior lenders. As a percentage of total sales, sales to third parties continued to enhance although lenders nonetheless took back 84.four % of foreclosures at auction, representing 14,555 loans, with a total of $ 6.93 Billion dollars in loan value. 
Foreclosures scheduled for sale rose to 124,874, a 10.four % increase from the prior month, and a 93.3 percent improve year-over-year from July 2008. The year-more than-year improve is important offered that foreclosure sales in July 2008 set a record that has not once more been reached. The increase seems to be mainly due to the reality that lenders are willingly postponing foreclosure sales.
The new “House Affordable” loan modification plans now include a 3-month trial. It is our understanding that foreclosures are not cancelled until the completion of this trial period. As such, we believe monitoring the cancellation of scheduled foreclosures must provide some insight into the effectiveness of this system, as effective trials ought to outcome in cancelled foreclosures. We had a record quantity of cancellations in July at 10,789, a 24.eight percent increase over the prior month and an 86.3 percent boost year-over-year. It must be noted, nevertheless, that as a percentage of the foreclosures actively scheduled for sale, there was small alter from prior months. It appears that the considerable enhance is primarily due to the high number of foreclosures that are scheduled for sale, but postponing rather than promoting.
“Regardless of the failure of the California Foreclosure Prevention Act to slow Notice of Trustee Sale filings it is clear that lenders and servicers are delaying foreclosure” says Sean O’Toole, founder and CEO of ForeclosureRadar. “A lot more home owners are now sitting at the brink of foreclosure, just days away from the next scheduled auction date, then ever ahead of, however we simply aren’t seeing the wave of foreclosures a lot of predicted.”

Political pressure, financial incentives and the postponement of sales awaiting the completion of loan modification trial periods are most likely reasons for the delays. The vast majority of foreclosures, 72 %, are postponing either due to lenders request, or mutual agreement between the lender and borrower. Only ten % are getting postponed due to bankruptcy. With couple of exceptions the remainder have not however been postponed and are scheduled for their first sale date.

The average California foreclosure has a total loan balance of $ 425,134 on a home that is now worth $ 236,739. While adverse equity is a prerequisite for the vast majority of foreclosures in California, the degree of unfavorable equity varies a excellent deal by location. Foreclosures in Santa Cruz County had loan balances just 110 percent of the present estimated value, while Foreclosures in Merced County had loan balances an average 283 % greater than the estimated worth. The Bay Region counties of Santa Cruz, San Francisco, Marin, San Mateo have been amongst the least underwater. Inland counties such as Merced, San Joaquin, Stanislaus, Solono, Sacramento, San Bernardino, and Riverside have been amongst the most underwater.

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CALIFORNIA FORECLOSURE REPORT METHODOLOGY
Rankings are primarily based on population per foreclosure sale. NOD indicates the quantity of Notices of Default that were filed at the county, and NTS indicates filed Notices of Trustee Sale. Sales indicates the quantity of properties sold at foreclosure auction. Percentage changes are based on monthly Sales. The information presented by ForeclosureRadar is primarily based on county records and person sales results from everyday foreclosure auctions all through the state – not estimates or projections.

ABOUT FORECLOSURERADAR.COM
ForeclosureRadar is the only internet site that tracks every foreclosure in California with everyday updates on all foreclosure auctions. ForeclosureRadar features unprecedented tools to search, manage, track and analyze preforeclosure, foreclosure auction, quick sale and bank owned genuine estate. The web web site was launched in Could 2007 by Sean O’Toole, who spent 15 years developing and launching software firms prior to getting into the foreclosure business in 2002 where he successfully purchased and sold more than 150 foreclosure properties. ForeclosureRadar is an indispensable resource for true estate agents, brokers, investors, lenders, mortgage brokers, attorneys and other real estate professionals specializing in the California true estate market place.

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