This is no surprise, all signs point to the market being on an upswing.
Foreclosure starts decline in August
Notices of Default filed in California during August were down 23.6 percent from the prior month, and down 49.1 percent compared with last year, according to data from ForeclosureRadar. The decline in foreclosure starts is even more significant on an average daily basis, down 30.2 percent from the prior month in California with 23 business days in August compared with 21 business days in July.
Foreclosure sales, however, increased 23.7 percent in California on a month-over-month basis. On an average daily basis, the increase was up 12.9 percent from the prior month.
"We continue to see reports that there will be a wave of foreclosure sales after the election or at the start of the year,” said Sean O'Toole, founder & CEO of ForeclosureRadar. “The lack of foreclosure starts this month puts a nail in the coffin of this theory. There will be no wave of foreclosures for at least five months. The good news for investors and first-time buyers is that foreclosure sales have at least remained flat or slightly up, continuing to provide some opportunities in the meantime."
SUNIL SETHI REAL ESTATE
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