June 2009 CA Foreclosure Report
FORECLOSURE SALES INCREASE 24.7 PERCENT California Foreclosure Prevention Act has unexpected impact on June filings Discovery Bay, CA, July 14, 2009 – ForeclosureRadar (www.foreclosureradar.com), the only website that tracks every California foreclosure, and provides daily auction updates, issued its monthly California Foreclosure Report for June 2009. For the third consecutive month, foreclosure sales jumped significantly as lenders come off the moratorium. Foreclosure sales increased by 24.7 percent following a 31.9 percent increase in May, and a 35 percent April increase. Notices of Trustee Sale dropped by an unexpected 28.7 percent, with the timing of the drop indicating that it was in response to the California Foreclosure Prevention Act. This law was widely believed to have little or no impact on foreclosure filings, as it exempted the majority of large lenders that operate in the state. High-level findings for June 2009 include: o After a 4.2 percent drop the prior month, Notices of Default, the initial step in the foreclosure process, rose by 11.8 percent to the second highest level on record at 45,691 filings. Year-overyear filings increased by 10.0 percent from June of 2008. o Notices of Trustee Sale, which set the auction date and time, dropped by a surprising 28.9 percent from May to 29,853 filings. Notice of Trustee Sale filings also dropped year-over-year by 14.8 percent. o A total of 22,291 foreclosures were taken to sale at auction, representing loan value of $9.57 Billion dollars; a 24.7 percent increase from the prior month, though 8.2 percent lower than the prior year. The opening bids set by lenders were an average 39.3 percent lower than the loan balance, with 46.0 percent of sales discounted by 50.0 percent or more. o Sales to third party bidders at auction in June increased by 18.3 percent from May, to 2,687 foreclosures. As a percentage of sales, the majority of foreclosures still continue to be taken back by the lender; 87.9 percent or 19,604 sales, with a total loan value of $8.44 Billion, were taken back by the lender in June. o A new statistic we are watching closely is the number of properties actively scheduled for sale – meaning that a Notice of Trustee Sale has been filed to set the auction date and time, but the foreclosure has not yet been sold or cancelled. Under California’s foreclosure code, a foreclosure
sale can be postponed repeatedly for one year before a new Notice of Trustee Sale has to be filed. While postponements are quite common, they have reached record levels in recent months, swelling the number of scheduled foreclosures 90.1 percent year-over-year to 113,141. “A number of lenders appear to have self-imposed California’s latest foreclosure moratorium on themselves, despite having received an exemption from it,” says Sean O’Toole, founder and CEO of ForeclosureRadar. “Given the number of exempt lenders it was quite surprising to see Notice of Trustee Sale filings drop by nearly 50 percent the day the new law went into effect.” The California Foreclosure Prevention Act adds an additional 90 days to the time before which a lender can file a Notice of Trustee Sale. Lenders can avoid this additional requirement by putting in place a comprehensive loan modification program; and nearly all major lenders operating in the state were exempt as of June 16th, yet filings still dropped significantly. Among the many approved lenders whose filings dropped from May to June, Bank of America’s filing declined by 48 percent, and Litton Loan Servicing Declined by 41 percent. At the same time, a handful of lenders dramatically increased their filings in June including CitiMortgage by 69 percent and Downey Savings by 45 percent. Notice of Trustee Sale filings were climbing late in the month so it remains unlikely this law will have any longterm impact on foreclosure activity.
ForeclosureRadar June Report by County: Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50
Change in Rank 0 0 0 1 -1 0 1 5 0 -3 3 -2 -2 -2 0 0 26 0 1 -3 1 3 10 -3 7 -7 -1 -5 -1 -1 -4 -1 -3 -10 0 -2 2 3 -1 2 14 2 -7 -7 0 1 -1 -8 -1 -1
County Merced Stanislaus Yuba San Joaquin Riverside Solano Madera Lake San Bernardino Kern San Benito Sacramento Calaveras Contra Costa Imperial Sutter Mariposa El Dorado Placer Monterey Colusa Plumas Mono Tuolumne Amador Fresno Nevada Shasta Tulare Yolo San Diego Sonoma Glenn Tehama Napa Butte Alameda Trinity Ventura Kings Siskiyou Los Angeles Lassen San Luis Obispo Santa Clara Santa Barbara Orange Santa Cruz Mendocino Del Norte
NOD 514 1018 126 1453 5243 852 168 111 4181 1384 40 2694 1 1837 141 128 1 314 566 451 32 12 1 77 46 1138 103 183 485 219 3681 559 8 16 146 98 1530 1 883 188 24 9314 10 221 1494 341 2486 196 71 1
NTS 405 744 116 1021 3817 501 155 70 2928 975 39 1673 0 1144 112 84 0 166 328 350 20 9 0 34 22 743 58 100 264 130 2270 304 2 8 92 76 710 6 558 88 19 6220 5 166 852 229 1602 102 36 3
Sales 422 749 99 934 2821 509 179 70 2234 887 62 1391 43 933 150 75 14 135 245 297 15 14 9 36 24 580 60 106 252 110 1626 234 14 29 62 99 690 6 324 56 16 3545 12 90 591 130 910 76 25 7
Population Per Sale 605 702 727 734 740 838 843 915 920 922 932 1024 1073 1127 1174 1278 1315 1331 1361 1443 1461 1494 1529 1578 1581 1605 1653 1719 1727 1810 1935 2070 2085 2152 2205 2226 2236 2328 2567 2758 2873 2924 2980 2993 3108 3243 3430 3507 3607 4203
% Change May 2009 27% 22% 14% 33% 29% 21% 33% 19% 22% 16% 55% 17% 2% 13% 22% 29% 40% 23% 26% 13% 50% 56% 0% 24% 60% 3% 43% 29% 39% 33% 22% 19% 17% -26% 32% 5% 23% 50% 26% 24% 220% 30% -8% 2% 22% 27% 19% -4% 19% 17%
% Change June 2008 -5% -13% 9% -25% -12% -1% 21% 67% -6% 11% -2% -20% 30% -15% 12% -13% 250% 44% -2% -28% 7% 100% 125% 125% 33% 2% 46% 83% 24% 0% -13% -22% 27% -6% -23% 8% -8% 200% -25% 87% 60% -8% 500% 5% 4% -30% -23% -22% 67% 600%
51 52 53 54
-1 -1 1 2
San Mateo Marin Humboldt San Francisco
442 156 30 278
262 59 32 143
151 50 22 70
4897 5148 6037 11779
12% 6% 69% 19%
-9% 25% 38% 9%
Sign up to receive the California Foreclosure Report CALIFORNIA FORECLOSURE REPORT METHODOLOGY Rankings are based on population per foreclosure sale. NOD indicates the number of Notices of Default that were filed at the county, and NTS indicates filed Notices of Trustee Sale. Sales indicates the number of properties sold at foreclosure auction. Percentage changes are based on monthly Sales. The data presented by ForeclosureRadar is based on county records and individual sales results from daily foreclosure auctions throughout the state – not estimates or projections. ABOUT FORECLOSURERADAR.COM ForeclosureRadar is the only web site that tracks every foreclosure in California with daily updates on all foreclosure auctions. ForeclosureRadar features unprecedented tools to search, manage, track and analyze preforeclosure, foreclosure auction, short sale and bank owned real estate. The web site was launched in May 2007 by Sean O’Toole, who spent 15 years building and launching software companies before entering the foreclosure business in 2002 where he successfully bought and sold more than 150 foreclosure properties. ForeclosureRadar is an indispensable resource for real estate agents, brokers, investors, lenders, mortgage brokers, attorneys and other real estate professionals specializing in the California real estate market. ###
sale can be postponed repeatedly for one year before a new Notice of Trustee Sale has to be filed. While postponements are quite common, they have reached record levels in recent months, swelling the number of scheduled foreclosures 90.1 percent year-over-year to 113,141. “A number of lenders appear to have self-imposed California’s latest foreclosure moratorium on themselves, despite having received an exemption from it,” says Sean O’Toole, founder and CEO of ForeclosureRadar. “Given the number of exempt lenders it was quite surprising to see Notice of Trustee Sale filings drop by nearly 50 percent the day the new law went into effect.” The California Foreclosure Prevention Act adds an additional 90 days to the time before which a lender can file a Notice of Trustee Sale. Lenders can avoid this additional requirement by putting in place a comprehensive loan modification program; and nearly all major lenders operating in the state were exempt as of June 16th, yet filings still dropped significantly. Among the many approved lenders whose filings dropped from May to June, Bank of America’s filing declined by 48 percent, and Litton Loan Servicing Declined by 41 percent. At the same time, a handful of lenders dramatically increased their filings in June including CitiMortgage by 69 percent and Downey Savings by 45 percent. Notice of Trustee Sale filings were climbing late in the month so it remains unlikely this law will have any longterm impact on foreclosure activity.
ForeclosureRadar June Report by County: Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50
Change in Rank 0 0 0 1 -1 0 1 5 0 -3 3 -2 -2 -2 0 0 26 0 1 -3 1 3 10 -3 7 -7 -1 -5 -1 -1 -4 -1 -3 -10 0 -2 2 3 -1 2 14 2 -7 -7 0 1 -1 -8 -1 -1
County Merced Stanislaus Yuba San Joaquin Riverside Solano Madera Lake San Bernardino Kern San Benito Sacramento Calaveras Contra Costa Imperial Sutter Mariposa El Dorado Placer Monterey Colusa Plumas Mono Tuolumne Amador Fresno Nevada Shasta Tulare Yolo San Diego Sonoma Glenn Tehama Napa Butte Alameda Trinity Ventura Kings Siskiyou Los Angeles Lassen San Luis Obispo Santa Clara Santa Barbara Orange Santa Cruz Mendocino Del Norte
NOD 514 1018 126 1453 5243 852 168 111 4181 1384 40 2694 1 1837 141 128 1 314 566 451 32 12 1 77 46 1138 103 183 485 219 3681 559 8 16 146 98 1530 1 883 188 24 9314 10 221 1494 341 2486 196 71 1
NTS 405 744 116 1021 3817 501 155 70 2928 975 39 1673 0 1144 112 84 0 166 328 350 20 9 0 34 22 743 58 100 264 130 2270 304 2 8 92 76 710 6 558 88 19 6220 5 166 852 229 1602 102 36 3
Sales 422 749 99 934 2821 509 179 70 2234 887 62 1391 43 933 150 75 14 135 245 297 15 14 9 36 24 580 60 106 252 110 1626 234 14 29 62 99 690 6 324 56 16 3545 12 90 591 130 910 76 25 7
Population Per Sale 605 702 727 734 740 838 843 915 920 922 932 1024 1073 1127 1174 1278 1315 1331 1361 1443 1461 1494 1529 1578 1581 1605 1653 1719 1727 1810 1935 2070 2085 2152 2205 2226 2236 2328 2567 2758 2873 2924 2980 2993 3108 3243 3430 3507 3607 4203
% Change May 2009 27% 22% 14% 33% 29% 21% 33% 19% 22% 16% 55% 17% 2% 13% 22% 29% 40% 23% 26% 13% 50% 56% 0% 24% 60% 3% 43% 29% 39% 33% 22% 19% 17% -26% 32% 5% 23% 50% 26% 24% 220% 30% -8% 2% 22% 27% 19% -4% 19% 17%
% Change June 2008 -5% -13% 9% -25% -12% -1% 21% 67% -6% 11% -2% -20% 30% -15% 12% -13% 250% 44% -2% -28% 7% 100% 125% 125% 33% 2% 46% 83% 24% 0% -13% -22% 27% -6% -23% 8% -8% 200% -25% 87% 60% -8% 500% 5% 4% -30% -23% -22% 67% 600%
51 52 53 54
-1 -1 1 2
San Mateo Marin Humboldt San Francisco
442 156 30 278
262 59 32 143
151 50 22 70
4897 5148 6037 11779
12% 6% 69% 19%
-9% 25% 38% 9%
Sign up to receive the California Foreclosure Report CALIFORNIA FORECLOSURE REPORT METHODOLOGY Rankings are based on population per foreclosure sale. NOD indicates the number of Notices of Default that were filed at the county, and NTS indicates filed Notices of Trustee Sale. Sales indicates the number of properties sold at foreclosure auction. Percentage changes are based on monthly Sales. The data presented by ForeclosureRadar is based on county records and individual sales results from daily foreclosure auctions throughout the state – not estimates or projections. ABOUT FORECLOSURERADAR.COM ForeclosureRadar is the only web site that tracks every foreclosure in California with daily updates on all foreclosure auctions. ForeclosureRadar features unprecedented tools to search, manage, track and analyze preforeclosure, foreclosure auction, short sale and bank owned real estate. The web site was launched in May 2007 by Sean O’Toole, who spent 15 years building and launching software companies before entering the foreclosure business in 2002 where he successfully bought and sold more than 150 foreclosure properties. ForeclosureRadar is an indispensable resource for real estate agents, brokers, investors, lenders, mortgage brokers, attorneys and other real estate professionals specializing in the California real estate market. ###
