Numbers Suggest New Set of Incoming Foreclosure Waves

By Natalie Dolce

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Saccacio

IRVINE, CA-RealtyTrac just recently released its US Foreclosure Market Report for November, which shows foreclosure filings—default notices, scheduled auctions and bank repossessions—were reported on 224,394 US properties in November, a 3% decrease from the previous month and a 14% decrease from November 2010. The report also shows one in every 579 US housing units with a foreclosure filing during the month.

“Despite a seasonal slowdown similar to what we’ve seen in each of the past four years, November’s numbers suggest a new set of incoming foreclosure waves, many of which may roll into the market as REOs or short sales sometime early next year,” explains James Saccacio, co-founder of RealtyTrac. “Overall foreclosure activity is down 14% from a year ago, the smallest annual decrease over the past 12 months, and some bellwether states such as California, Arizona and Massachusetts actually posted year-over-year increases in foreclosure activity in November.

Saccacio points out that “Scheduled foreclosure auctions reached a nine-month high in November, corresponding to a recent surge in default notices that began back in August. Many of the new defaults that started the foreclosure process over the past few months are now being scheduled for public foreclosure auction.”

Scheduled trustee’s sales in California hit a 10-month high in November, helping the state maintain the nation’s second highest foreclosure rate: one in every 211 properties with a foreclosure filing during the month, says the report. A total of 26,509 trustee’s sales were scheduled in California in November, up 14% from November 2010—the first year-over-year increase in scheduled foreclosure auctions in California since March 2010.

There were a total of 63,689 California properties with foreclosure filings in November, the most of any state and 28% of the national total, according to the report.

According to the report, with one in every 120 housing units with a foreclosure filing during the month, Stockton, CA, posted the nation’s highest metro foreclosure rate for the second month in a row. There were a total of 1,913 Stockton properties with a foreclosure filing in November, up 20% from the previous month and up 9% from November 2010. The increase in Stockton was driven largely by a 65% month-over-month increase in scheduled foreclosure auctions.

To read more about foreclosures, and why experts believe the uptick will continue, check out the recent GlobeSt.com article by clicking here. 

Categories: West, Residential, Distressed Assets, Orange County