Central Valley foreclosure filings drop
- Published on 12/13/2011 - 2:10 pm
- Written by Business Journal staff
ForeclosureRadar.com reports that foreclosure filings dropped significantly in much of the Central Valley during November.
They are also down statewide, although notice of trustee sale filings rose 34 percent from October to November in the Golden State.
The trustee sale filings came primarily from filings by Bank of America and Wells Fargo Bank.
In Fresno, foreclosure filings fell 18.22 percent in November compared to October. But the notice of foreclosure sales rose by 54.87 percent from the previous month.
In Visalia, foreclosure filings dropped 23.66 percent in November, with notice of sales up by 40.48 percent.
In Madera, foreclosure filings tumbled 22.54 percent in November, with notice of sales down 1.67 percent.
In Hanford, foreclosure filings were up 37.93 percent, with notice of foreclosure sale slightly higher at 5.26 percent.
“It is not unusual to see foreclosures slow for the holidays and this year is not excepting,” said Mike Daniel, director of marketing for ForeclosureRadar.com.
Foreclosure starts were up slightly in Nevada and Washington, but the increases were considered insignificant given the recent declines in those states resulting from legislative changes and legal challenges.
“It’s great to see the banks slow down foreclosures and evictions for the holidays,” said Sean O’Toole, found and CEO of ForeclosureRadar.com. “We expect that the numbers will drop further in December. Come January it will be back to business with at least a small surge as banks play catch up after the delays.”
Bankruptcy sales to third parties, typically investors, increased significantly year-over-year. They were up 29.4 percent in California compared to last year.