According to a report from PropertyRadar Inc., a real estate data company based in California, the Golden State’s foreclosures are closing in on their lowest levels since January 2007.
The foreclosure process involves three steps. First, a Notice of Default is given, then a Notice of Trustee Sale. Finally, if no solution is found in time, the foreclosure sale is finalized.
Although foreclosure sales are seeing significant decreases, 6,408 homes received Notices of Default in December 2013, an increase of 11.9 percent from November. However, the administration of Notices of Default experienced a general downward trend in the past year: a 43.9 percent drop.
A total of 9.9 percent less Notices of Trustee Sale were meted out in December. The year’s total decrease reached 59.3 percent. There were 2,796 foreclosures in December, a 10.4 percent drop from the previous month. The year’s total foreclosure sales were 53.5 percent lower than the previous year’s.
Bank-owned inventory did not go through any significant changes in December. Preforeclosure inventory fell 2.4 percent while Scheduled for Trustee Sale inventory experienced a 6.9 percent decrease.
“Foreclosure activity has now reached pre-housing crisis levels,” said the director of economic research for PropertyRadar Inc. “The gradual California housing recovery and the numerous government programs available to homeowners facing default are working together to keep foreclosure activity at low levels.”
If you are currently facing the possibility of foreclosure, you should get in touch with the experienced Irvine foreclosure attorneys at McFarlin LLP. We will help you understand your rights as a homeowner and invoke them against bad lending companies. You have already invested so much into your home. Take the first step in preventing its loss and call our office at (888) 728-0044.