Foreclosures: Huge drop off

ForeclosureRadar called it, and since we get our data from that site, we obviously agree: Foreclosures are significantly down across the board. That goes for South OC, too.

The reason: "CA State Senate Bill 1137 has rendered analysis of current activity against prior foreclosure levels useless in understanding market conditions," said Sean O'Toole, founder of ForeclosureRadar. "What is important to watch now, is how quickly lenders and trustees adjust to the new law. While it is unlikely foreclosures will return to previous levels, given the new requirements; we expect SB 1137 to have no long term impact beyond delaying the foreclosure process for homeowners, and slowing the overall recovery."

Here are the September numbers for South Orange County. First, new notices of default:



Here are REOS - properties sold back to the bank at auction: