California Foreclosure Activity Declines in September – Marina del Rey Condos
Foreclosure activity declines in September
Notices of Default (NOD) decreased 20.7 percent in California in September compared with August, and were down 48.1 percent compared with last year, according to ForeclosureRadar.
Foreclosure sales in California were down 17.9 percent from the prior month, and down 30.4 percent compared with last year. However, a larger portion of Trustee Sales, 39.2 percent, were purchased by investors compared with 27.2 percent last year.
“It was recently reported that the nation’s five largest mortgage servicers have implemented all of the 320 servicing standards required under the national mortgage settlement,” stated Sean O’Toole, founder & CEO of ForeclosureRadar. “The continued decline in Foreclosure Starts clearly shows that even though servicers are now apparently in compliance and clear to move forward with foreclosures, they are still in no rush to foreclose on the majority of delinquent borrowers.””
The time to foreclose on delinquent loans in California declined 2.8 percent in September.
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