Foreclosure filings decline, time to foreclosure increases in some states

On average it took less time to foreclose in California, Arizona, and
Nevada in June 2011, countering what has been a growing trend to extend
the foreclosure process, according to the latest report from
ForeclosureRadar.  The time to foreclose has increased on a
year-over-year basis throughout the areas covered by ForeclosureRadar.
California experienced the second most significant increase with the
average time to foreclose at 317 days, up from 261 days a year ago.

Foreclosure filing activity was down throughout the coverage area in
June 2011, with fewer foreclosure filings in all states. There were
fewer foreclosure sales, both “Back to Bank” and “Sold to 3rd Parties”,
in all areas except Oregon, which saw an uptick in activity at the
courthouse steps.

California experienced slowed foreclosure activity across the board.
Notice of Default filings fell for the third consecutive month after a
slight 1.5 percent drop in June. Notice of Trustee Sale filings were
down in June as well, with an 11.7 percent decline month-over-month and a
34.3 percent drop from June 2010. Cancellations of foreclosure sales
decreased for the second time in as many months, with a 3 percent drop
compared with May. Foreclosure sales on the courthouse steps were slower
than the prior month, with 13.4 percent fewer sales Back to Bank and
7.1 percent fewer foreclosed properties Sold to 3rd Parties.

For the first time in six months the average time to foreclose
decreased, down 7.9 percent to 317 days month-over-month, but was up
21.5 percent compared with the same time last year. Third parties
continued to resell inventory more quickly, with the time to resell down
1.5 percent month-over-month to 131 days, clearly outperforming banks,
which took an average of one hundred days longer at 231 days to resell
inventory.

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Category : Blog &Clairemont Housing News &Foreclosures &How's the Market? &National Housing News

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