Here are the May foreclosure numbers from ForeclosureRadar.com (if you're looking for foreclosure data, they've got the most up-to-date info out there).
REOs on our chart are foreclosures that were sold back to the bank at auction - this does not include properties sold to third parties at auction. These are homes that will be back on the market for sale (theoretically) soon and will be adding to the local inventory.
NOD stands for notice of default - the first stage of the formal foreclosure process. These numbers are helpful because they serve as forward-looking indicators for foreclosure numbers of the future.
As you can see, NODs and REOs are up significantly in South County when compared to 2007. If you compare to April, REOs were up, but notice of defaults were down slightly.
By this measure, Lake Forest (92630) is the most distressed market, since it had the most new NODs and the most REOs. It is surprising that Laguna Niguel was only two NODs behind.
Countywide, all foreclosures (NODs, notice of trustee sales and foreclosure sales) were up 18% compared to April, and up 302% year-over-year. Orange County ranked 32 out of 54 counties in California in terms of population per foreclosure sale (1 sale for every 2,307 people). Riverside was at the top, with a foreclosure for every 548 people.
Thursday, June 12, 2008
May foreclosure numbers
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3 comments:
i hate to take joy in the misfortunes of others, but this makes me even more optimistic about eventually getting a home at an acceptable price here in Lake Forest.
Outstanding! Thanks for posting these statistics today.
A nice April in LF home sales volume does not a recovery make.
Thanks to the Fed, the real estate boom has come & gone. There are a lot of OC realtors that are finding success in what I'm doing though. It is time to progress forward.
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