Discovery Bay, CA (PRWEB) July 15, 2009
ForeclosureRadar (http://www.foreclosureradar.com ), the only site that tracks every single California foreclosure, and supplies daily auction updates, issued its month-to-month California Foreclosure Report for June 2009. For the third consecutive month, foreclosure sales jumped significantly as lenders come off the moratorium. Foreclosure sales enhanced by 24.7 % following a 31.9 % increase in May possibly, and a 35 % April boost. Notices of Trustee Sale dropped by an unexpected 28.7 percent, with the timing of the drop indicating that it was in response to the California Foreclosure Prevention Act. This law was broadly believed to have small or no effect on foreclosure filings, as it exempted the majority of massive lenders that operate in the state.

High-level findings for June 2009 consist of:
Right after a 4.2 % drop the prior month, Notices of Default, the initial step in the foreclosure process, rose by 11.8 % to the second highest level on record at 45,691 filings. Year-over-year filings enhanced by 10. percent from June of 2008.
Notices of Trustee Sale, which set the auction date and time, dropped by a surprising 28.9 percent from Could to 29,853 filings. Notice of Trustee Sale filings also dropped year-over-year by 14.8 percent.
A total of 22,291 foreclosures were taken to sale at auction, representing loan worth of $ 9.57 Billion dollars a 24.7 percent increase from the prior month, although 8.2 percent lower than the prior year. The opening bids set by lenders were an average 39.3 % decrease than the loan balance, with 46. % of sales discounted by 50. percent or far more.
Sales to third party bidders at auction in June improved by 18.3 % from Could, to two,687 foreclosures. As a percentage of sales, the majority of foreclosures nevertheless continue to be taken back by the lender 87.9 percent or 19,604 sales, with a total loan value of $ 8.44 Billion, have been taken back by the lender in June. 
A new statistic they are watching closely is the number of properties actively scheduled for sale – which means that a Notice of Trustee Sale has been filed to set the auction date and time, but the foreclosure has not but been sold or canceled. Under California’s foreclosure code, a foreclosure sale can be postponed repeatedly for a single year before a new Notice of Trustee Sale has to be filed. Whilst postponements are quite widespread, they have reached record levels in current months, swelling the number of scheduled foreclosures 90.1 % year-more than-year to 113,141. 
“A number of lenders seem to have self-imposed California’s most recent foreclosure moratorium on themselves, in spite of possessing received an exemption from it,” says Sean O’Toole, founder and CEO of ForeclosureRadar. “Provided the number of exempt lenders it was quite surprising to see Notice of Trustee Sale filings drop by practically 50 % the day the new law went into impact.”
The California Foreclosure Prevention Act adds an further 90 days to the time before which a lender can file a Notice of Trustee Sale. Lenders can avoid this further requirement by placing in location a comprehensive loan modification plan and nearly all main lenders operating in the state have been exempt as of June 16th, however filings nevertheless dropped drastically. Among the several authorized lenders whose filings dropped from May possibly to June, Bank of America’s filing declined by 48 %, and Litton Loan Servicing Declined by 41 percent. At the identical time, a handful of lenders substantially enhanced their filings in June like CitiMortgage by 69 % and Downey Savings by 45 %. Notice of Trustee Sale filings had been climbing late in the month so it remains unlikely this law will have any lengthy-term effect on foreclosure activity.

Sign up to receive the California Foreclosure Report.

CALIFORNIA FORECLOSURE REPORT METHODOLOGY
Rankings are 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 alterations are based on monthly Sales. The information presented by ForeclosureRadar is primarily based on county records and individual sales benefits from every day foreclosure auctions throughout the state – not estimates or projections.

ABOUT FORECLOSURERADAR.COM
ForeclosureRadar is the only web internet site that tracks every foreclosure in California with everyday updates on all foreclosure auctions. ForeclosureRadar characteristics unprecedented tools to search, manage, track and analyze preforeclosure, foreclosure auction, brief sale and bank owned real estate. The internet website was launched in May possibly 2007 by Sean O’Toole, who spent 15 years developing and launching software organizations prior to entering the foreclosure company in 2002 exactly where he successfully bought and sold far more than 150 foreclosure properties. ForeclosureRadar is an indispensable resource for true estate agents, brokers, investors, lenders, mortgage brokers, attorneys and other actual estate professionals specializing in the California real estate marketplace.

###