West Coast Foreclosure Activity Slowed in February After January’s Spike

Foreclosure activity last month slowed down along the West Coast, according to the foreclosure tracking firm ForeclosureRadar.

[IMAGE]

The California-based company monitors filings and auctions in Arizona, California, Nevada, Oregon, and Washington, and said the numbers were down across the board. Foreclosure sales saw a similar decline in the firm's coverage area, and bank-owned inventories were mostly flat, suggesting fewer REOs were sold.

""Foreclosure filings dropped to low levels not seen in quite a while,"" says Sean O'Toole, CEO and founder of the company. ""We will likely see more sluggish foreclosure activity in the months ahead while lenders continue to work through lingering concerns over foreclosure documentation and deal with process changes.""

[COLUMN_BREAK]

""Arizona"":http://www.foreclosureradar.com/arizona-foreclosures notice of trustee sales were dropped 27.9 percent in February from January. This is the lowest point since ForeclosureRadar began tracking Arizona filings in August 2009. There was also a large dip in foreclosure sales, with a 38.9 percent dip in sales back to the bank and a 14.5 percent dip in sales to third parties.

In ""California"":http://www.foreclosureradar.com/california-foreclosures, filings dropped to 2008 levels as notice of default filings dropped 12.8 percent and notice of trustee sales dropped 12.5 percent. On a year-over-year basis filings were down as well, with notice of default filings down 29.6 percent and notice of trustee sales down 17 percent. Foreclosure auctions were down as well, with a 24.5 percent decline in back to bank sales and a 20.3 percent drop in properties sold to third parties.

""Nevada"":http://www.foreclosureradar.com/nevada-foreclosures notice of default filings decreased 25.2 percent from January levels, also to the lowest rate since the firm began tracking Nevada foreclosures. Notice of trustee sales fell 6.4 percent, reaching the lowest point since February 2010. Foreclosure auctions fell 48.4 percent and sales to third parties fell 35.3 percent.

In ""Oregon"":http://www.foreclosureradar.com/oregon-foreclosures foreclosure filings fell significantly with a 26.3 percent drop in notices of default and a 34.5 percent drop in foreclosure sales. Sales to third parties fell slightly by 2.9 percent and back to bank sales fell 28.2 percent.

""Washington"":http://www.foreclosureradar.com/washington-foreclosures saw the smallest decrease in notice of trustee sales with a 2.9 percent drop. Foreclosure sales fell as well, with back to bank sales falling 37.4 percent and sales to third parties down 21.1 percent.