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Foreclosure Activity in California Continues to Slowly Improve
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WE VERIFY & TRANSMIT TO LENDERS
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REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
READY TO SPEAK TO A PROFESSIONAL?
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Foreclosure Activity in California Continues to Slowly Improve
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
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Foreclosure Activity in California Continues to Slowly Improve

August 7, 2012 (Shirley Allen)

Foreclosure activity in California continued to slowly improve in the second quarter of 2012 as both default notices and distressed property sales declined during the quarter according to real estate information provider DataQuick.

A total of 54,615 Notices of Default (NoDs) were recorded in the second quarter of 2012, down 2.9 percent from the 56,258 NoDs recorded in the first quarter of this year and down 3.6 percent from the 56,633 NoDs recorded in the same quarter of last year.

The number of NoDs in the second quarter was the lowest amount since the second quarter of 2007 when 53,943 NoDs were recorded. The most NoDs ever recorded were 135,431 in the second quarter of 2009. The largest amount of default notices continues to have originated during the 2005 – 2007 time period.

Areas with a median sales price of under $200,000 continued to carry the brunt of foreclosure activity in the second quarter with just under nine default notices per 1,000 homes, about the same as in the first quarter.

Homes in zip codes where the median price is between $200,000 and $800,000 received NoDs at a rate of 5.6 per 1,000 while homes in zip codes that were $800,000 or greater only received 2.2 default notices per 1,000 homes, down from 2.3 in the first quarter.

Counties where mortgages were least likely to default were San Francisco, Marin, and San Mateo. The counties that experienced the highest level of defaults were Tulare, San Joaquin and Sacramento.

Distressed properties sales made up 45.9 percent of all re-sales in California during the second quarter of 2012, down from a revised 53.7 percent in the first quarter.

Foreclosure re-sales accounted for 27.9 percent of the quarter’s resale activity, down from a revised 33.6 percent in the previous quarter, while short sales made up about 18.0 percent of all re-sales for the quarter, down from 20.1 percent in the fourth quarter.

About 835,000 of the 8.7 million homes and condos in California, 9.6 percent, have been lost to foreclosure in the last five years.

Foreclosure timelines continued to shrink in California as lenders typically filed a Notice of Default when a homeowner was eight months behind on their primary mortgage in the second quarter compared to nine months in the first quarter while the average amount of time that it took to foreclose on a home after a NoD was received was 7.7 months, down from 8.5 months in the first quarter, and down from 10.0 months in the same quarter of 2011.

Tags: California, defaults, notice of default, NoD, bank policy changes, legal challenges, politics, median sales price, distressed properties, foreclosures, short sales

Source:
DataQuick

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HOME SELLING TIPS
If you are thinking of selling your home, chances are you’re caught up in a mass of emotions. Needs change and although you may be looking forward to this new adventure, you'll probably find yourself reluctant to leave your memories behind and face the overwhelming task of selling your home and moving.
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August 7, 2012 (Shirley Allen)

Foreclosure activity in California continued to slowly improve in the second quarter of 2012 as both default notices and distressed property sales declined during the quarter according to real estate information provider DataQuick.

A total of 54,615 Notices of Default (NoDs) were recorded in the second quarter of 2012, down 2.9 percent from the 56,258 NoDs recorded in the first quarter of this year and down 3.6 percent from the 56,633 NoDs recorded in the same quarter of last year.

The number of NoDs in the second quarter was the lowest amount since the second quarter of 2007 when 53,943 NoDs were recorded. The most NoDs ever recorded were 135,431 in the second quarter of 2009. The largest amount of default notices continues to have originated during the 2005 – 2007 time period.

Areas with a median sales price of under $200,000 continued to carry the brunt of foreclosure activity in the second quarter with just under nine default notices per 1,000 homes, about the same as in the first quarter.

Homes in zip codes where the median price is between $200,000 and $800,000 received NoDs at a rate of 5.6 per 1,000 while homes in zip codes that were $800,000 or greater only received 2.2 default notices per 1,000 homes, down from 2.3 in the first quarter.

Counties where mortgages were least likely to default were San Francisco, Marin, and San Mateo. The counties that experienced the highest level of defaults were Tulare, San Joaquin and Sacramento.

Distressed properties sales made up 45.9 percent of all re-sales in California during the second quarter of 2012, down from a revised 53.7 percent in the first quarter.

Foreclosure re-sales accounted for 27.9 percent of the quarter’s resale activity, down from a revised 33.6 percent in the previous quarter, while short sales made up about 18.0 percent of all re-sales for the quarter, down from 20.1 percent in the fourth quarter.

About 835,000 of the 8.7 million homes and condos in California, 9.6 percent, have been lost to foreclosure in the last five years.

Foreclosure timelines continued to shrink in California as lenders typically filed a Notice of Default when a homeowner was eight months behind on their primary mortgage in the second quarter compared to nine months in the first quarter while the average amount of time that it took to foreclose on a home after a NoD was received was 7.7 months, down from 8.5 months in the first quarter, and down from 10.0 months in the same quarter of 2011.

Tags: California, defaults, notice of default, NoD, bank policy changes, legal challenges, politics, median sales price, distressed properties, foreclosures, short sales

Source:
DataQuick

HOME LOANS CAN BE CONFUSING
YOU'VE GOT QUESTIONS
WE MAKE IT SIMPLE
WE'VE GOT ANSWERS
INSIDER CAR BUYING TIPS
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
BUYING VS LEASING
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
DEALER OR BANK FINANCING
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
BUYING ON THE INTERNET
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
AUTO LOAN CALCULATOR
Calculate how much you can afford
BUYING OR SELLING A HOME
IS A BIG DECISION
WE MAKE IT EASIER
HOME BUYING TIPS
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
HOME SELLING TIPS
If you are thinking of selling your home, chances are you’re caught up in a mass of emotions. Needs change and although you may be looking forward to this new adventure, you'll probably find yourself reluctant to leave your memories behind and face the overwhelming task of selling your home and moving.
SEARCH FOR A HOME
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

August 7, 2012 (Shirley Allen)

Foreclosure activity in California continued to slowly improve in the second quarter of 2012 as both default notices and distressed property sales declined during the quarter according to real estate information provider DataQuick.

A total of 54,615 Notices of Default (NoDs) were recorded in the second quarter of 2012, down 2.9 percent from the 56,258 NoDs recorded in the first quarter of this year and down 3.6 percent from the 56,633 NoDs recorded in the same quarter of last year.

The number of NoDs in the second quarter was the lowest amount since the second quarter of 2007 when 53,943 NoDs were recorded. The most NoDs ever recorded were 135,431 in the second quarter of 2009. The largest amount of default notices continues to have originated during the 2005 – 2007 time period.

Areas with a median sales price of under $200,000 continued to carry the brunt of foreclosure activity in the second quarter with just under nine default notices per 1,000 homes, about the same as in the first quarter.

Homes in zip codes where the median price is between $200,000 and $800,000 received NoDs at a rate of 5.6 per 1,000 while homes in zip codes that were $800,000 or greater only received 2.2 default notices per 1,000 homes, down from 2.3 in the first quarter.

Counties where mortgages were least likely to default were San Francisco, Marin, and San Mateo. The counties that experienced the highest level of defaults were Tulare, San Joaquin and Sacramento.

Distressed properties sales made up 45.9 percent of all re-sales in California during the second quarter of 2012, down from a revised 53.7 percent in the first quarter.

Foreclosure re-sales accounted for 27.9 percent of the quarter’s resale activity, down from a revised 33.6 percent in the previous quarter, while short sales made up about 18.0 percent of all re-sales for the quarter, down from 20.1 percent in the fourth quarter.

About 835,000 of the 8.7 million homes and condos in California, 9.6 percent, have been lost to foreclosure in the last five years.

Foreclosure timelines continued to shrink in California as lenders typically filed a Notice of Default when a homeowner was eight months behind on their primary mortgage in the second quarter compared to nine months in the first quarter while the average amount of time that it took to foreclose on a home after a NoD was received was 7.7 months, down from 8.5 months in the first quarter, and down from 10.0 months in the same quarter of 2011.

Tags: California, defaults, notice of default, NoD, bank policy changes, legal challenges, politics, median sales price, distressed properties, foreclosures, short sales

Source:
DataQuick

HOME LOANS CAN BE CONFUSING
YOU'VE GOT QUESTIONS
WHAT TYPE OF MORTGAGE LOANS ARE AVAILABLE?
DO I QUALIFY FOR A GOVERNMENT INSURED LOAN?
WHAT CAN I EXPECT FOR A MORTGAGE INTEREST RATE?
WE MAKE IT SIMPLE
WE'VE GOT ANSWERS
CALCULATE YOUR MORTGAGE PAYMENT
BENEFITS OF REFINANCING YOUR MORTGAGE
ADVANTAGES OF GETTING PRE-APPROVED FOR A LOAN
THINKING OF BUYING
A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
INSIDER CAR BUYING TIPS
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
BUYING VS LEASING
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
DEALER OR BANK FINANCING
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
BUYING ON THE INTERNET
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
AUTO LOAN CALCULATOR
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
HOME BUYING TIPS
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
SEARCH FOR A HOME
Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

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