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Tag Archives: ForeclosureRadar

Institutional Investor Activity in California

As institutional investor activity continues in California, PropertyRadar decided to take a look at who these investors are and their purchase patterns. To rule out smaller and individual investors, PropertyRadar tracked transfers in qualities greater than 10 from an LLC or LP. The firm reported LLC and LP purchases represented only 5.1 percent of transfer activity in 2012 and 4.5 percent in 2013. However, upon closer examination, PropertyRadar found institutional investor activity was mainly concentrated in certain counties.

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Report: Foreclosure Timelines Lengthen with Higher Loan Amounts

Among California homeowners encountering foreclosure, those with higher loan amounts tended to hold on to their homes longer than those with lower loan amounts, according to ForeclosureRadar. The firm determined a difference in foreclosure timelines of 270 days between loans of less than $417,000 and loans of more than $550,000. ""Perhaps the difference lies in the fact that more affluent homeowners have the means to tap into resources to help delay foreclosure, or that larger loans on expensive homes are more complex and take longer to disentangle,"" ForeclosureRadar explained.

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California Flipping Activity at Highest Level Since 2005

Real estate sales have been weakening in California, but ForeclosureRadar found flipping activity in the state reached its highest level since September 2005. In March 2013, sales for distressed and non-distressed transactions decreased 12.9 percent from a year ago, according to a property report from the analytics firm. On the other hand, flipping activity, which ForeclosureRadar defined as reselling a property within six months, nearly tripled over a one year period ending in March after accounting for 5.2 percent of total sales.

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California Foreclosure Starts Up 73% Since January

Foreclosure starts in California showed a huge increase since the beginning of this year, but the long-term trend still points to an overall decrease, ForeclosureRadar reported. In the Golden State, Notices of Default (NOD), or the first stage of the foreclosure process, increased 14.2 percent month-over-month in March. Since January, NODs have surged 72.5 percent. Despite the significant year-to-date increase, ForeclosureRadar reported foreclosure starts were still down 63.8 percent from a year ago.

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California Foreclosure Uptick Doesn’t Indicate Long-term Trend

Foreclosures are declining in most of the Western states tracked by ForeclosureRadar, but some experienced anomalous upticks in February. For example, in California notices of default and notices of trustee sale together increased 10 percent--a sharp about-face from the previous month's 43.3 percent decline. ForeclosureRadar anticipates a return to the recent trend of declining foreclosure activity in the state. While positive for homeowners, ForeclosureRadar points out an unintended consequence of such market conditions: decreased REO inventory, which is ""still very much a part of the California real estate landscape,"" the firm said.

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California Inventory Continues to Diminish as Foreclosure Activity Falls

Foreclosure activity was somewhat mixed in the five Western states--Arizona, California, Nevada, Oregon, and Washington--observed by ForeclosureRadar over the month of January. Notably, California foreclosure sales were down in January, despite a past trend of an uptick in the month following a decline in December. However, this January, both notices of default and notices of foreclosure sale declined in January--down 60.5 percent and 34.83 percent, respectively, over the month. Adequate inventory is necessary for a recovery to take place, but is lacking in much of the state, according to the analytics firm.

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Report: California’s Foreclosure Inventory Continues to Dry Up

Foreclosure inventory in California continued its steady decline in November, according to data from ForeclosureRadar. The total number of preforeclosures, foreclosures scheduled for sale, and REOs fell 7.6 percent from October to November and declined by 31.8 percent from a year ago. ForeclosureRadar said, ""the significant decline in foreclosure inventory over the past year has contributed to what some are calling an 'inventory crisis' of total homes for sale."" The company attributes foreclosure cancellations as part of the reason for the decline.

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California Dual-Tracking Ban Leads to Spike in Cancelled Foreclosures

A specific provision in California's Homeowner Bill of Rights may have led to a surge in foreclosure cancellations, according to a report from ForeclosureRadar. Foreclosure cancellations in California spiked 62.1 percent from September to October and 36.7 percent over a one-year period, data from ForeclosureRadar revealed. The jump from September to October is the largest monthly increase since the data provider began tracking foreclosures in September 2006.

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West Coast Foreclosure Starts Plunge in September: ForeclosureRadar

Foreclosure starts fell dramatically in all five West Coast states tracked by Foreclosure Radar, further confirming suspicions that a foreclosure wave may not arrive. ""The continued decline in Foreclosure Starts clearly shows that even though servicers are now apparently in compliance and clear to move forward with foreclosures, they are still in no rush to foreclose on the majority of delinquent borrowers,"" said Sean O'Toole, CEO of ForeclosureRadar.

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ForeclosureRadar: Foreclosure Starts Down Dramatically in August

ForeclosureRadar released its Foreclosure Report for August on Monday, revealing that foreclosure starts fell dramatically during the month. The company's coverage area includes counties in California, Washington, Arizona, Nevada, and Oregon. In all states except Washington, foreclosure starts either fell drastically or stayed fairly flat month-over-month, with Oregon seeing an 80.6 percent drop in starts.

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