Foreclosure Notices Drop in Major Counties: Default Research
The number of pre-foreclosure filings in California, which include notices of default and notices of trustee sales, dropped across several counties in November, according to statistics from Default Research, which tracks the notices. The hard-hit Los Angeles County had a 10% decline from last month to 3.08% in November. Orange County, where 3.4% received a filing, had a drop of 8% in November. In Riverside County, 9.2% received a pre-foreclosure filing, a 13.7% decline from October. Florida saw major decreases as well. In Miami-Dade County, where 4% received a filing, the decline was 35.5% in November. From November of last year, that number decreased by more than 55%. In Las Vegas’ Clark County, more than 5,000 homes or 10.2% fell into the foreclosure pipeline. That number did drop 16% from the previous month. With more than 5m people living in Chicago’s Cook County, more than 4,000 properties entered into foreclosure in November. But that’s on a gross volume level. As a percentage, 2.6% of households received a foreclosure filing, a 30% drop from the previous month. The data from Default Research shows how much is going into the foreclosure pipeline. Nonetheless, when combined with delinquencies and loans held up in loss mitigation programs, the so-called shadow inventory of homes is growing. By how much is up for debate; First American CoreLogic finds 1.7m in the shadow inventory, compared to Amherst Securities' 7m. Write to Jon Prior.