California Has Record $5 Billion in Foreclosure Sales in October
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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