Declines in West Coast Foreclosure Starts
The November 2010 Foreclosure Report by ForeclosureRadar shows that though there has been no major drop in delinquencies in the West Coast states of Arizona, California, Nevada, Oregon, and Washington, foreclosure starts have fallen to 2008 levels, continuing their two month decline. The company’s report deduces that the drop in foreclosures is due to robo-signing issues and the moratoriums that followed the controversy. Notice of default filings were down 9.3% month-over-month in California and notice of sale filings dropped a stunning 31.7% in Washington. The San Francisco, California-based ForeclosureRadar reports that starts in its five-state coverage area have dropped 25.5% since the robo-signing storm began.
In Arizona, notice of trustee sale filings dropped 24.4%, to the lowest level seen since March 2008. Foreclosure sales were down 14.8 from October to November and experienced a 26.9% drop in September to October. Sales have not been so low in Arizona since September 2009. California a 8.5% decline in cancellations of foreclosure sales, down a total of 54% from the June peak. The state also saw a 1% drop in notice of trustee filings, and a 9% drop in foreclosure sales. Foreclosure activity in Nevada experienced steep deterioration, with foreclosure sales down 22.1% from October to November and 50.5% from September to October. Notice of default filings dropped to 12.7%. Notice of default filings for Oregon decreased 25% from October to November. Notice of trustee sale filings decreased 26.7%. In one of the only increases reported, Oregon experienced a 34.8% increase in cancellations of foreclosure sales. Washington’s of trustee sale filings lowered 31.7% from October, but remain higher than November of 2009. Foreclosure sales also dropped to 38.1% but are up 29.3% from November 2009.
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