Here in Sonoma County, California, “The Wine Country with the Coast”, the last report from Foreclosureradar.com (January ’13), shows the impact of the “Homeowner’s Bill of Rights” and the huge national settlement set by the 49 attorneys general–
Cancellations–where the bank stalls the foreclosure process are NOW leading the pack over the bank “Foreclosing” on a house (down -60% over last year!) and “Sold to a 3rd Party where the bank sells at the courtsteps (down -32% over last year but PLUS 40% for the month!!). You can see in January that the “Cancellations far outnumber the “REO” and “Sold to 3rd party” by substantial amounts. The numbers for the month of January are:
Cancellations or foreclosure stalled and put off: 164
Foreclosed homes where the bank has proceeded with the foreclosure process: 46
“Sold to a 3rd party” or where the bank sold at the courtsteps: 38.
As you can see the REO market is on the wane with modificatioins (Cancellations) seeming to be hitting stride as predicted by the Attorneys General historic settlement–NO MORE FORECLOSING! Short-Sales or loan modifications!