California Foreclosure report for March 2010
Posted by carolyn in Davis Real Estate Market on April 19th, 2010
Sean O’Toole from ForeclosureRadar.com gives a monthly update on foreclosure related activity around California for March, 2010.
Some key points:
- The foreclosure process from notice of default to the filing of notice of trustee filing continues to increase and that it is now taking nearly 6 months for this process.
- Often the opening bid at the trustee sale is set at 33% above market value to discourage investors from purchasing homes directly at the court house steps.
- Foreclosure sales are up 92% over last year however, much of that is due to moratoriums put in place last year that prevented a lot of banks from proceeding with foreclosures.
While this report is focused on California in general, these trends can be found throughout the greater Sacramento region. While Davis still finds itself in a fairly secure bubble, foreclosures and short sales are creeping into the Davis market.
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