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The Number of Resale home Increased in California Foreclosur
USINFO | 2013-12-23 15:42
In the first three months of the year resales of foreclosures in California accounted for 42.6 percent of all the home sales in the state. This is according to sales figures published by a real estate information firm.
The percentage of the first three months of this year marked a decrease from 57.8 percent from the last year, but it marked a rise from 40.6 percent in the last quarter of the last year. Resale percentages differ from one county to the other, from 68 percent in Merced to 14 percent in San Francisco.
In the first quarter, investors increased their participation in the California foreclosure. This is the reason that around 25 percent of properties in the auctions of foreclosures bought by the investors, an increase from the 17.6-percent share from the previous year.
Due to the slow down in the foreclosure home sales in comparison with the last year, the pace of pre foreclosure sale in California also decreased. A total of 81,054 default notices were filed, down by a shocking 40.2 percent from the 135,431 delinquency notices posted in the first quarter of the last year.
Likewise the total number of foreclosure homes across the state decreased during the first quarter of last year to 42,857 units, a decline of 1.7 percent from total foreclosed units of the last year.
Analysts cannot find out the specific reasons for the decrease in California foreclosures. They are not sure whether changes in real estate market conditions or modification in government policies and programs are the causes of the recent slowdown.
In the first quarter, in areas where the average home price is $500,000 or more, the default rate for mortgage loans rose by 1.5 percent in comparison with the previous period.
On the other hand, the default rate in neighborhoods where the average price is $500,000 or lower has plunged by a striking 43 percent from last year and dropped by almost 6 percent from the last quarter of the last year.
Among the regions in the state, Southern California posted the highest number of default notices, with a total of 44,581. Second was Central Valley, with a total of 18,203 notices, and third was the Bay Area, with a total of 13,517 notices.
Southern California also topped other regions in number of foreclosure deeds. With a total of 22,373 foreclosed units, the region accounted for 52.2 percent of total California foreclosures during the quarter.
The percentage of the first three months of this year marked a decrease from 57.8 percent from the last year, but it marked a rise from 40.6 percent in the last quarter of the last year. Resale percentages differ from one county to the other, from 68 percent in Merced to 14 percent in San Francisco.
In the first quarter, investors increased their participation in the California foreclosure. This is the reason that around 25 percent of properties in the auctions of foreclosures bought by the investors, an increase from the 17.6-percent share from the previous year.
Due to the slow down in the foreclosure home sales in comparison with the last year, the pace of pre foreclosure sale in California also decreased. A total of 81,054 default notices were filed, down by a shocking 40.2 percent from the 135,431 delinquency notices posted in the first quarter of the last year.
Likewise the total number of foreclosure homes across the state decreased during the first quarter of last year to 42,857 units, a decline of 1.7 percent from total foreclosed units of the last year.
Analysts cannot find out the specific reasons for the decrease in California foreclosures. They are not sure whether changes in real estate market conditions or modification in government policies and programs are the causes of the recent slowdown.
In the first quarter, in areas where the average home price is $500,000 or more, the default rate for mortgage loans rose by 1.5 percent in comparison with the previous period.
On the other hand, the default rate in neighborhoods where the average price is $500,000 or lower has plunged by a striking 43 percent from last year and dropped by almost 6 percent from the last quarter of the last year.
Among the regions in the state, Southern California posted the highest number of default notices, with a total of 44,581. Second was Central Valley, with a total of 18,203 notices, and third was the Bay Area, with a total of 13,517 notices.
Southern California also topped other regions in number of foreclosure deeds. With a total of 22,373 foreclosed units, the region accounted for 52.2 percent of total California foreclosures during the quarter.
