California Foreclosures - Continuing

ForeclosureRadar.com just reported foreclosures in California increased 22.24% from September to October.  Last month’s foreclosures increased 20.95% from October 2008, which were 42.56% below California’s peak month of July 2008.  However since then, the inventory of real estate owned (REO) properties has grown 131.36% in California.  “While we continue to see a steady stream of properties entering foreclosure, relatively few are completing the process and being sold at auction despite the increase this month,” said Foreclosureradar.com CEO Sean O’Toole.  “The bigger picture is that more and more homeowners are finding themselves upside down in foreclosure limbo,” O’Toole added, “some hoping for a loan modification or short sale, while others are just waiting for a knock on the door.”  The number of foreclosures initiated in October remained level with September levels but this is due in large part to recent legislation enacted in California that will temporarily slow the foreclosure process. The majority of properties foreclosed on in October were originally purchased with mortgages originated between January 2005 and December 2007.

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