According to RealtyTrac®, the leading online marketplace for foreclosure properties, the November 2010 report showed that foreclosure filings dropped 21% from the previous month and 14% from 2009.
November foreclosures dropped to the lowest level in 2 years (sine November 2008)!! Auctions and default notices also decreased significantly.
“Foreclosure activity decreased dramatically in November, with fewer than 300,000 properties receiving a foreclosure notice for the first time since February 2009,” said James J. Saccacio, chief executive officer at RealtyTrac. “While part of the decrease can be attributed to a seasonal drop of 7 to 10 percent that typically occurs in November, fallout from the foreclosure robo-signing controversy forced lenders and servicers to hit the pause button on many foreclosures while they scrambled to revamp their internal procedures and revise or resubmit questionable paperwork.”
Despite decreases, Nevada, Utah, and California remain at the top of state foreclosure rates. Can’t wait to see these number continue to drop as we head into 2011! If you would like to purchase an REO property in Southern California, please don’t hesitate to contact me.
And Thank You for Making Me Your Orange County Real Estate Specialist!
Michael Caruso, Broker ABR ABRM CLHMS CRB CRS GRI GREEN
Past President, Orange County Association of Realtors