Home / News / Foreclosure / Foreclosure Time Decreases in Three West-coast States in June
Print This Post Print This Post

Foreclosure Time Decreases in Three West-coast States in June

Despite a recent trend in increasing foreclosure times, the average time it took to foreclose properties in California, Arizona, and Nevada decreased in June 2011, according to ""ForeclosureRadar."":http://www.foreclosureradar.com/


""While the decrease in the time to foreclose last month is statistically interesting,"" says Sean O'Toole, CEO and founder of ForeclosureRadar, ""we do not see it as signaling an end to lenders looking to avoid losses that they can't afford by continuing the extend and pretend policies of the past.""

While monthly numbers decreased in three states, year-over-year numbers still show an increase in the five West-coast states included in ForeclosureRadar's monthly report. Based in Discovery Bay, California, ForeclosureRadar covers Arizona, California, Nevada, Oregon, and Washington.

The largest year-over-year increase in foreclosure time occurred in Nevada, where the average number of days rose from 239 days in June 2010 to 319 days in June 2011.

California experienced the second-largest increase in foreclosure time among the five states with an average of 317 days in June 2011 up from 261 days in June 2010.

Foreclosure filings also decreased in the five states in Foreclosure Radar's report.

Foreclosure sales - both to banks and to third parties - decreased in four out of the five states, with Oregon as the exception.


Arizona's notice of trustee sale filings declined 8.7 percent in June 2011 from the previous month.

Arizona's foreclosure sales back to bank and to third-parties also decreased in June with back to bank sales dropping 16.6 percent for the month and foreclosure sales to third parties dropping 7.9 percent month-over-month.

The state's REO sales took 4.6 percent longer in June than in May and 27.2 percent longer than June 2010.

California foreclosure activity slowed in June with notice of trustee sale filings down 11.7 percent from the previous month and 34.3 percent from June 2010.

Back to bank foreclosure sales in California declined 13.4 percent month-over-month, while third-party foreclosure sales declined 7.1 percent for the month.

Nevada's default filings remained level at the lowest number since ForeclosureRadar began tracking them in August 2009.

The state's notice of trustee sales decreased by 7.2 percent from the previous month, reaching their lowest level in 15 months.

Nevada's foreclosure sales back to bank decreased by 25 percent month-over-month, while its third-party foreclosure sales decreased 12.4 percent over the same period.

Oregon's default notices fell by 29.6 percent in June 2011 from the previous month, erasing the April spike caused by a temporary increase in filings by Recon Trust, a Bank of America subsidiary.

The state's back to bank foreclosure sales rose 2 percent from the previous month, while third-party foreclosure sales increased 18.9 percent over the same period.

Washington's notice of trustee sale filings fell by 2.4 percent, demonstrating a decrease for the third straight month.

Washington's back to bank foreclosure sales decreased 19.8 percent from May to June, while foreclosure sales to third parties remained flat for the month.

About Author: Krista Franks Brock

Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia.

Check Also

Senate Hearing Tackles National Flood Insurance Program Reauthorization

Senate Banking Committee Chair Sharrod Brown recently held a hearing to discuss the future of the National Flood Insurance Program, featuring a panel of experts highlighting the many repercussions of an expiration in the program.