According to DataQuick, the San Diego real estate information service, 263 notices of default (NOD) were filed for Napa County homes or condos in the third quarter, compared to 222 in the same period the year before. This was the largest percentage increase in the nine Bay Area counties. The number of Napa County homes entering the foreclosure process jumped 18.5 percent in the third quarter compared to the same quarter in 2010. However, the number of Napa County homes or condos completing foreclosure dropped 13 percent, from 131 to 114, quarter over quarter.
DataQuick went on to state, statewide the highest number of foreclosures processed last quarter were by Bank of America (14,325), Bank of New York (11,052), and Wells Fargo (9,740). After dropping to a three-year low in the second quarter of this year, the number of California homeowners going into the foreclosure process increased back to prior levels over the last three months. Statewide, 71,275 notices of default were recorded at county recorders’ offices during the third quarter. That was up 25.9 percent from 56,633 for the prior three months, and down 14.4 percent from 83,261 in third-quarter 2010. Notices peaked in first quarter of 2009 at 135,431.
Again from DataQuick, of the state’s larger counties, the least likely to go into default were in Marin, San Francisco and San Mateo counties; the highest in Sacramento, Madera and Stanislaus counties. Trustees Deeds recorded statewide, which is the actual loss of a home to foreclosure, totaled 38,895 during the third quarter. That was down 8.4 percent from the prior quarter, and down 14.3 percent year over year. The all-time peak was 79,511 in third-quarter 2008. The state’s all-time low was 637 in the second quarter of 2005.
There are 8.7 million houses and condos in the state.
Foreclosure resales accounted for 34.2 percent of all California resale activity last quarter. Short sales, transactions where more is owed on the property than it sales for, made up an estimated 17.8 percent of statewide resale activity last quarter. At formal foreclosure auctions held statewide last quarter, an estimated 29.7 percent of the foreclosed properties were bought by investors or others who don’t appear to be lender or government entities. That was up from an estimated 28.3 percent the previous quarter and up from 22.7 percent a year earlier, according to DataQuick.
From my local multiple listing service, BAREIS, the total number of residential properties sold in the last year for Napa County was 1420. Of these 439 were REO, 30.9 percent, properties and 306 were short sales, 21.6 percent. The total being more than half of all sales. The total number of Napa County properties in BAREIS for sale and sale pending is 976. The total number in some sort of distressed sale situation; in foreclosure, NOD filed or short sale, and bank owned (REO) is 385, 39.4 percent. The individual distressed sale category breakdown: in foreclosure is 7, NOD filed is 32, REO is 97, short sale is 284.
Yes I realize this adds up to 420, 35 more than the 385 figure, but almost all the properties in foreclosure and with a NOD filed is on the market as a short sale. This fact can occasionally be the source of problems. I too often hear about banks foreclosing on a property that is still on being listed as a short sale without either the seller or agent being notified. Every bank I familiar with has a separate department handling each part of the foreclosure process. There is a short sale division, a foreclosure division and often another group which handles the notices. Many times these are not in the same building and quite often in different states.
And yes as you can only surmise, they do not communicate very effective with each other. I have heard regularly stories of banks foreclosing on the property a day or two before the property was scheduled to sale to a new buyer. And even a couple of times, the foreclosure occurring after the sale had taken place!!
Thank you for reading this post. If I can ever be of help in finding you the perfect property here in the Napa Valley, please email me at Curtis@NapaValleyAddress.com.
Your Broker Extraordinaire, selling Napa Valley Real Estate from its heart, Yountville.
My website & blog: www.NapaValleyAddress.com