Foreclosure filings in California dropped to levels not seen since late 2008 when governmental intervention temporary slowed the foreclosure filing process, according to a report from ForeclosureRadar.
Notice of Default filings declined 12.8 percent month-over-month and Notice of Trustee Sale filings decreased 12.5 percent from the prior month. On a year-over-year basis, Notice of Default filings fell 29.6 percent and Notice of Trustee Sale filings declined 17 percent from February 2010. Activity on the courthouse steps slowed with fewer sales leading to a 24.5 percent decrease in sales Back to Bank and a 20.3 percent 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 percent to 156 days.
Reprinted from C.A.R. Newlines.
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