CA Default Notices Seen Rising

ForeclosureRadar.com, Discovery Bay, Calif., has noted a substantial month-to-month jump of 45.4% in California's notices of default. The number of NODs in December was 32,948 compared to 22,665 in November, according to the company's California Foreclosure Report. December auction sales increased by 4.1% from November, to a total of 12,783 properties with a loan value of $5.18 billion dollars. Additionally, a total of 9,001 properties have been sold at auction in just the first eight business days of January, with daily average sales 76% higher than in December. "The impact of the credit crisis that began in August is now clearly starting to show its impact," said ForeclosureRadar founder Sean O'Toole. "Many analysts fail to understand the delays inherent in the foreclosure process, and I believe we have yet to see the real impact from the ARM resets that began in earnest last October." The majority of loans going to auction continue to have been originally made in 2006 (52%), 2005 (34%), 2007 (8%) and 2004 (5.4%). At the county level, notable month-to-month increases in activity were seen in Riverside, San Bernardino, San Diego, Ventura, Orange, Los Angeles, Santa Cruz, Marin and San Francisco counties. ForeclosureRadar can be found online at www.foreclosureradar.com.