Privately held tracking firm ForeclosureRadar, Discovery, Calif., has changed the name of its foreclosure report after expanding coverage to Arizona, Nevada, Oregon, and Washington.
In its first report under the new name, Foreclosure Report by ForeclosureRadar, the company said that after rising 28.8% from June to July in Arizona, notices of trustee sales dropped 12.2% in August. Banks took back more properties at auction than they resold during the month, leading to a continued climb in inventory of bank owned homes, up 4.79% since last month and 60.48% year over year.
In California, notices of default filings, the first step in the foreclosure process, jumped 16.6% in August, the fourth successive increase in as many months. Fewer homeowners found foreclosure relief as foreclosure cancellations dropped 11.2% while more homes were lost, up 15.6% to 17,841 foreclosure sales.
In Nevada, after seeing an increase in the average opening bid at auction in July and a drop of sales to third parties, typically investors, opening bids in August dropped by 4.6%. The resulting sales to third parties increased by 26.6%. Lenders took a record 324 days from the filing of a notice of default to completion of the foreclosures sold at auction in August.
The number of properties scheduled for foreclosure sale in Oregon rose by 17.1% as the number of new notices of trustee sales significantly outpaced the number of foreclosures that were cancelled or sold. While the filings rose by 9.3%, NOD were up 10.7%.
Foreclosure activity in Washington decreased across the board with NTS down 15.8%, foreclosure sales down 10.8%, and foreclosure cancellations down 21.8%. Despite these declines, the number of properties scheduled for foreclosure sale rose by 2.7% and bank owned inventories rose 9.4%.
