Foreclosure Filings are Down as the Time to Foreclosure Speeds Up In Some
On average it took less Time to Foreclose in California, Arizona and Nevada
in June 2011, countering what has been a growing trend to extend the
foreclosure process. The time to foreclose has increased on a year-over-year
basis throughout our coverage area, with the largest increase seen in Nevada
where it now takes on average 319 days to foreclose, up from 239 days a year
ago. California saw the second most significant increase with the average
time to foreclose at 317 days, up from 261 days a year ago. The least change
was observed in Washington where the average time to foreclose is 106 days,
only slightly higher than the 105 days seen a year ago.
Foreclosure filing activity was down throughout our coverage area in June
2011, with fewer foreclosure filings in all states. There were fewer
foreclosure sales, both Back to Bank and Sold to 3rd Parties everywhere
except Oregon which saw an uptick in activity at the courthouse steps.
"While the decrease in the time to foreclose last month is statistically
interesting," says Sean O'Toole, CEO and Founder of ForeclosureRadar, "We do
not see it as signaling an end to lenders looking to avoid losses that they
can't afford by continuing the extend and pretend policies of the past."
SUNIL SETHI REAL ESTATE
Sunil Sethi / Broker, President, REALTOR, MBA, CPA (inactive)
38750 Paseo Padre Pkwy Suite B3 / Fremont, CA 94536
Cell 510 388 2436 / Fax 510 431 9046
CA DRE#: 01173766