Reversing a four month declining trend, Notice of Default filings rose 6.9 percent month-over-month in California, while Notice of Trustee Sale filings dropped 13.8 percent from the prior month.
Foreclosure filings year-over-year show only mild change, with Notice of Default filings down 3.3 percent and Notice of Trustee Sale filings slipping just 1.4 percent from January 2010.
Foreclosure sales skyrocketed from December, with 51.5 percent more sales Back to Bank and 52.8 percent more properties purchased by Third Parties, typically investors. Cancellations were up as well, rising 12.4 percent this month as compared to last which was the first time in six months that cancelations increased month-over-month.
In San Diego County, the number of trustee sales have picked up nicely, giving hope to buyers that there could be additional well-priced inventory in the coming months:
The number of local SFRs on the auction-list:
|Town or Area||Dec ‘09||Sept ’10||Today|
The current inventory is picked over and most potential buyers are just waiting for new meat – keep ’em coming!