Posts (RSS)Foreclosed Home List Properties Ruled Riverside Auctions
Foreclosed home list properties dominated residential auctions in May in California’s Riverside County, according to foreclosure sales data released this week.
The number of foreclosure homes sold through auctions in May increased to 2,180, an increase of 29 percent from April sales, but represented a drop of 39 percent compared to May 2008.
Housing analysts said the level of foreclosed home list sales is extremely low compared to numbers representing mortgages in default, houses with negative equity and properties already in foreclosure.
Because of the decrease in foreclosed home list units as seen in recent monthly year-over-year comparisons, some people in the housing industry believe that more mortgage lenders are participating in the Obama administration’s Making Home Affordable program.
While many homeowners complain that banks are not addressing their mediation requests and not modifying their loans, analysts cite data as evidence of the willingness of some lenders to work out affordable repayment schemes.
Nevertheless, since market data indicated that large numbers of trustee sale notices were posted in May, more foreclosed home list properties are expected to be auctioned off. In May, a total of 41,959 trustee sale notices were filed.
Another foreclosure study also reported that there were 10,784 home loan default notices, trustee sale notices and foreclosure notices filed in May, representing an increase of 17 percent from foreclosure filings in May 2008. Although the figure indicated a slight drop from filings in April, the May data included a large share of units which are already in bank-owned foreclosure inventories.
The Riverside-Bernardino metro area, which had one foreclosure filing for every 75 housing units, was also fourth in the nation in metro foreclosure rates.
Compared to other counties in California, Riverside County had the fourth highest ratio of foreclosed home sale per capita in May. According to foreclosure sales data, one foreclosed home for every 958 residents in Riverside was sold.
It was Merced County which topped the ratio chart, with one foreclosed home list unit sold for every 773 residents. Second and third in the chart were Stanislaus County, where one unit was sold for every 857 residents, and Yuba County, where one unit was sold for every 877 residents. The county with the lowest ratio was San Joaquin County, with one foreclosed home list unit sale for every 989 residents.