After three months of consecutive declines, the number of foreclosed homes in California taken back by banks rose by 22.24 percent from September to October, according to ForeclosureRadar, a local property information site that tracks every foreclosure in the Golden State and provides daily auction updates.
The company’s tally of new REOs is a 20.95 percent increase compared to October 2008, but despite the seemingly dramatic mushrooming, the latest numbers are still well below record levels. The number of foreclosures repossessed by banks in California last month remains 42.56 percent below the peak reached in July 2008, ForeclosureRadar’s data shows.
This coincides with what we’re seeing as well. It will be interesting to see what happens in the coming months.
The number of properties entering the foreclosure process keeps outpacing properties actually going to auction & either being sold to a 3rd party, or being taken back by the bank. Event with this slight increase, the foreclosure funnel is bulging and I expect this gradual increase in REO’s to continue.
