Foreclosure Sales Jump 27% in California

Foreclosure sales jumped 27% in California last month and now represent 15% of home sales in the state, according to Foreclosure Radar, a foreclosure listings and software company based in Discovery Bay, Calif.The company reported that 5,316 California foreclosures were sold at auction in March, representing a 264% increase in foreclosure sales over the past six months. Of the $2 billion worth of properties sold in March, 4,796 ($1.82 billion) went back to the lender after receiving no bids, the company said. "Foreclosures sold at auction now account for 15% of all home sales in California and continue to rise," said Sean O'Toole, founder and chief executive officer of Foreclosure Radar. "This isn't just a story about failing subprime lenders and their customers. At the current pace, foreclosures will be a significant part of the real estate economy." The company can be found on the Web at http://www.foreclosureradar.com.