California Has Record $5 Billion in Foreclosure Sales in October
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California Has Record $5 Billion in Foreclosure Sales in October

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This month’s sales result of missed payments in March 2007, yet to reflect mortgage liquidity debacle

DISCOVERY BAY, Calif., Nov. 15 /PRNewswire/ — ForeclosureRadar (www.foreclosureradar.com), the only web site that tracks every California foreclosure with daily updates on foreclosure auctions, issued its monthly California Foreclosure Report today which showed October foreclosure sales increased by 40 percent from September. A total of 12,336 properties — with a loan value of $5 Billion dollars, a 568 percent increase over the same period in 2006 — were sold at auction statewide in the month of October, compared to September which had a total of 8,818 with a value of $3.6 Billion dollars.

“We see no sign of a foreclosure peak at this point, and we don’t expect to see one until the third or fourth quarter of 2008 at the earliest,” said founder of ForeclosureRadar, Sean O’Toole. “The sales we are seeing now are from missed payments in March. So current auction sales really have not yet been impacted by either Augusts' liquidity crunch or the ARM reset peaks this month and again in March 08.”

The October ForeclosureRadar report noted that notices of default were up 11.9 percent though on a daily average basis they were down 8 percent due to the limited recording days in September. Notices of sale were up 33.5 percent to 18,929 — a substantial increase from 14,000 in September and 13,500 in August. Sales were up 39.9 percent from September, and significantly up from August. The report also notes that third parties purchased 382 properties versus 11,953 that went back to the bank.

While defaults have been fairly flat, a far higher percentage of defaults are having notices of sale filed; and a higher percentage of notices of sale are resulting in auctions. Daily average sales went from $189 Million a day in September to $216 Million a day in October, a 13.8 percent increase.
         Change
         in                                      Population % Change  % Change
    Rank Rank   County            NDF  NTS  Sales Per Sale  Sept 2007 Oct 2006

    1        4  SAN JOAQUIN
                COUNTY           1158  783   651     1,023      90 %    830 %

    2        0  RIVERSIDE COUNTY 3297 2510  1635     1,195      29 %    510 %

    3       49  ALPINE COUNTY      ND   ND     1     1,241       NA       NA

    4       -1  STANISLAUS COUNTY 815  531   406     1,267      47 %    712 %

    5        1  SACRAMENTO
                COUNTY           1955 1390  1058     1,310      49 %    443 %

    6       -2  MERCED COUNTY     399  257   182     1,356      43 %   1300 %

    7        0  YUBA COUNTY       104   64    51     1,369      59 %    325 %

    8        2  SOLANO COUNTY     529  397   253     1,671      51 %    716 %

    9       -1  SAN BERNARDINO
                COUNTY           2435 1894  1160     1,717      34 %    766 %

    10       2  KERN COUNTY       872  598   438     1,781      52 %    968 %

    11      -2  CONTRA COSTA
                COUNTY           1158  816   548     1,878      30 %    612 %

    12       2  PLACER COUNTY     320  225   159     1,991      51 %    835 %

    13       5  MADERA COUNTY     144  101    68     2,123      89 %   3300 %

    14       2  SAN BENITO COUNTY  72   36    26     2,216      63 %   1200 %

    15      -4  SUTTER COUNTY      99   44    41     2,230      21 %    583 %

    16      -3  LAKE COUNTY        33   22    28     2,289      22 %    211 %

    17     -16  MODOC COUNTY       11   ND     4     2,459     -71 %    -50 %

    18      10  EL DORADO COUNTY  120  108    69     2,554     123 %    475 %

    19      -2  IMPERIAL COUNTY    90   79    60     2,776      36 %    900 %

    20       6  YOLO COUNTY       117   59    65     2,928      86 %    983 %

    21       0  FRESNO COUNTY     705  488   306     2,940      55 %    646 %

    22       0  MONTEREY COUNTY   301  172   135     3,147      53 %   1400 %

    23       2  ALAMEDA COUNTY    728  485   441     3,404      55 %    549 %

    24      -4  LASSEN COUNTY      ND   ND    10     3,545      25 %    400 %

    25     -10  TEHAMA COUNTY      24   12    17     3,620     -11 %    240 %

    26      -7  SAN DIEGO COUNTY 2092 1435   842     3,642      17 %    319 %

    27      -3  VENTURA COUNTY    536  364   223     3,665      39 %    758 %

    28       7  NAPA COUNTY        87   47    33     4,074      94 %    560 %

    29       0  SANTA BARBARA
                COUNTY            172  149   100     4,216      35 %    669 %

    30      -3  AMADOR COUNTY      21   20     9     4,237      29 %    800 %

    31       1  SONOMA COUNTY     313  167   108     4,444      59 %    620 %

    32       5  NEVADA COUNTY      40   45    22     4,548     120 %    340 %

    33      -3  TULARE COUNTY     233  144    91     4,622      36 %    333 %

    34      -1  LOS ANGELES
                COUNTY           5075 3636  1943     5,273      35 %    633 %

    35       5  SAN LUIS OBISPO
                COUNTY            100   74    48     5,484     100 %    586 %

    36      -5  SHASTA COUNTY     100   56    33     5,499      22 %     94 %

    37      -3  ORANGE COUNTY    1412  946   558     5,506      34 %    541 %

    38      -2  BUTTE COUNTY       41   36    39     5,569      50 %    333 %

    39       2  KINGS COUNTY       78   44    23     6,423      77 %   1050 %

    40      -1  SANTA CRUZ COUNTY  77   53    40     6,559      54 %    400 %

    41       1  SANTA CLARA
                COUNTY            630  353   237     7,482      53 %    618 %

    42       8  CALAVERAS COUNTY   16    7     6     7,619     500 %      NA

    43     -20  TUOLUMNE COUNTY    33   14     7     8,319     -42 %    600 %

    44       4  GLENN COUNTY       ND   ND     3     9,550     200 %     50 %

    45      -1  SAN MATEO COUNTY  201  112    72    10,057      18 %    500 %
    46      10  PLUMAS COUNTY      10   11     2    10,722      NA        NA

    47       4  HUMBOLDT COUNTY    33   24    10    13,253     400 %    233 %

    48       7  MONO COUNTY         1   ND     1    13,597       NA       NA

    49       9  TRINITY COUNTY      2   ND     1    14,024       NA       NA

    50      -5  MARIN COUNTY       64   22    17    14,902       6 %    240 %

    51      -8  SISKIYOU COUNTY     9    4     3    15,382     -25 %    200 %

    52      -3  SAN FRANCISCO
                COUNTY            118   77    47    16,993      96 %    422 %

    53      -7  MARIPOSA COUNTY     5    3     1    18,216       0 %      NA

    54      -7  COLUSA COUNTY      17    5     1    21,512       0 %      0 %

    55     -17  MENDOCINO COUNTY   22   12     4    22,611     -56 %    100 %
California Foreclosure Report Methodology

Rankings are based on population per foreclosure sale. NDF indicates the number of Notices of Default that were filed at the county, and NTS indicates filed Notices of Trustee Sale. Sales indicates the number of properties sold at foreclosure auction. Percentage changes are based on monthly Sales. The data presented by ForeclosureRadar is based on county records and individual sales results from daily foreclosure auctions throughout the state — not estimates or projections.

About ForeclosureRadar.com

ForeclosureRadar is the only web site that tracks every foreclosure in California with daily updates on all foreclosure auctions. ForeclosureRadar features unprecedented tools to search, manage, track and analyze preforeclosure, foreclosure auction, short sale and bank owned real estate. The web site was launched in May 2007 by Sean O'Toole, who spent 15 years building and launching software companies before entering the foreclosure business in 2002 where he has successfully bought and sold more than 150 foreclosure properties. ForeclosureRadar is an indispensable resource for real estate agents, brokers, lenders, investors, mortgage brokers, attorneys and other real estate professionals specializing in the California real estate market.

SOURCE ForeclosureRadar

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