Brandon Hernández 9:22 a.m., May 24
August Foreclosure Data Released
Updated stats for August were released on Tuesday by mortgage default trackers ForeclosureRadar. It’s mostly bad news across the board.
Properties entering foreclosure for the first time are up in every state in the union, primarily driven by increased foreclosure activity by Wells Fargo, US Bank, and particularly Bank of America, whose new foreclosure filings jumped 116% between July and August. In California, new foreclosure filings are up 69.5%. The spike in San Diego County over last month was only 65%, with 2,235 Notices of Default being filed.
Statewide, Notices of Trustee Sales are up 6% month to month, but still are 23.6% lower than last year. This is the final notice served to a delinquent borrower before their home is sold at auction. San Diego experienced a slight dip even in month-to-month numbers of properties going to the auction block, with 6,735 properties being scheduled for sale.
Banks are much slower to move when it comes to turning over inventory bound for foreclosure. The average time from a Notice of Default being filed to a San Diego property being foreclosed was 337 days last month, up 58 days when compared to August 2010. Lenders are also taking longer to resell the properties after they take them back — 229 days, on average; up from 195 last year.