With hundreds of thousands of California homeowners in foreclosure, a stalemate continues as only a small percentage reach the end of the process through cancellation or sale, and the time to foreclose stretches.
Once again the raw numbers fail to tell the full story due to the difference in the number of business days in January versus December, according to ForeclosureRadar, a locally based company that tracks every California foreclosure. The real truth lies in the fact that on a daily average basis, foreclosure activity in the Golden State increased last month on all fronts, the company said.
After significant declines in December, foreclosure filings were slightly lower overall in January. But with only 19 days that notices could be recorded last month, compared to 22 in December, foreclosure notice filings actually increased on a daily average basis with notices of default jumping 9.5 percent and notices of trustee sale up 10.3 percent.
Foreclosure outcomes also dramatically reversed course from the prior month, ForeclosureRadar said. Looking at the daily averages, the number of foreclosures that went back to the bank rose 29.4 percent, those sold to a third party rose by 62.7 percent, and cancellations were up 20.8 percent.
We expct the number of Stockton foreclosures and Stockton short sales to increase this year.