The ForeclosureRadar.com California report for March 2011 said that foreclosure filings in the Golden state 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% month-over-month and Notice of Trustee Sale filings fell 12.5% 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% drop for Notice of Default filings and a 2.8% 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% and Notice of Trustee Sale filings falling 17% from February 2010.
Activity on the courthouse steps slowed with fewer sales leading to a 24.5% decrease in sales Back to Bank and a 20.3% 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% to 156 days.
Harrison K. Long – solutions for real estate and business – REALTOR® and broker associate, GRI – Coldwell Banker Residential Brokerage – 949-854-7747 (phone) – ExploreProperties@gmail.com (email) – CA DRE 01410855 – SFR short sale and foreclosure resource certified by the National Association of REALTORs® – also now serving as a director at California Association of REALTORs®