March foreclosure sales rose 35.1 percent in California, according to the latest ForeclosureRadar report.
Notice of Default filings in California rose to their highest level since October 2010, up 17.3 percent month-over-month to 26,615 filing. Notice of Trustee Sale filings declined for the third consecutive month, down 3.3 percent overall from February. Year-over-year foreclosure filings were down with Notice of Default filings falling 19.7 percent and Notice of Trustee Sale filings dropping 31.0 percent from March 2010.
After a slow February, foreclosure sales rose with sales Back to Bank (REO) up 28.6 percent and properties Sold to 3rd Parties, typically investors, jumping 61.5 percent. On a daily average basis those increases were just 5.0 percent for sales Back to Bank (REO) sales and 24.3 for properties Sold to 3rd Parties. The average Time to Foreclose continues to climb, up 4.1 percent month-over-month to 302 days, a significant 83.4 percent increase year-over-year, and a new record.
Reprinted from C.A.R. Newlines.
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