California foreclosure inventory – the total number of pre-foreclosures, properties in foreclosure that are scheduled for sale, and bank owned properties (REO)—declined 7.6 percent in November from October and is down 31.8 percent compared with last year, according to ForeclosureRadar. While the November decline in inventory is not an unusual event, the significant decline in foreclosure inventory over the past year has contributed to what some are calling an “inventory crisis” of total homes for sale.
The November foreclosure inventory shortage is partially due to the jump in California foreclosure cancellations. Cancellations in November rose 4.7 percent from October, up 69.9 percent in the past two months and up 34.7 percent compared with last year. In taking a closer look at the reason for cancellations, it did not appear the majority were due to statutory time frames or filing errors, but were more likely due to short sales or successful loan modifications, according to the report.
California notices of default were down 19.9 percent from the prior month and down 51.5 percent compared with last year. November 2012 California foreclosure sales were down 14.8 percent from the prior month and down 30.3 percent compared with last year.
courtesy of: http://www.car.org
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