South Bay Foreclosures
Foreclosure Glossary
Terms used in the foreclosure process and in the post-payoff period
California Foreclosures - February 2011
Foreclosure filings in California dropped to levels not seen since since late 2008 when governmental intervention temporary slowed the foreclosure filing process. Notice of Default filings dropped 12.8 percent month-over-month and Notice of Trustee Sale filings fell 12.5 percent from the prior month. The foreclosure filing percentage decreases are more moderate when adjusted on an average daily basis due to the fewer filing and trustee sale days in February with a 3.1 percent drop for Notice of Default filings and a 2.8 percent decline for Notice of Trustee Sale filings. On a year-over-year basis foreclosure filings were down as well, with Notice of Default filings down 29.6 percent and Notice of Trustee Sale filings falling 17.0 percent from February 2010. Acivity on the courthouse steps slowed with fewer sales leading to a 24.5 percent decrease in sales Back to Bank and a 20.3 percent drop in properties purchased by Third Parties, typically investors. For the first time, Third Party investors saw a drop in the average Time to Resell a property, down 3.1 percent to 156 days.
Is it safe to buy a foreclosure in CA. now?
In his blog this week, mortgage broker Dennis C. Smith of Stratis Financial in Huntington Beach explains where you likely stand if you've bought a foreclosed property in California, or if you are thinking of buying one:
Foreclosed Homes Sell at 27% Discount as Supply Grows
The discount reflects the average sales price of homes in the foreclosure process compared with the average sales price of properties not in distress.
Investing In Foreclosures Not A Get-Rich-Quick Venture
Investing in foreclosures is a strategy that requires a level of sophistication and diligence that is far beyond what most people realize. Those who succeed in the foreclosure (FCL) market are those who have studied the strategies and tactics of other successful investors and have put the time and resources into making appropriate market contacts - a necessity for creating a competitive advantage over the myriad of other market participants.
How to buy foreclosures at an auction
Rob Friedman, chairman of Irvine, Calif.-based Real Estate Disposition Corp., or REDC, which now presides over nearly 500 auctions a year, says potential buyers can definitely get a "steal of a deal" at an auction, but also warns novices to be wary.
Foreclosure Land
Day after day, it is the lender's clearinghouse of foreclosed mortgages where clever real estate buyers stuff their portfolios full of cheap property. It's a feeding frenzy of real estate bargains that may never be repeated.
Foreclosure: an auction adventure
A homeowner hoping to trade up discovers she must compete with the pros on the courthouse steps. It takes homework to find a true bargain.
California Foreclosure Statistics
