West Coast foreclosure trends hard to pin down: ForeclosureRadar
Foreclosure sales in Arizona and along the West Coast soared in March, according to a new report from ForeclosureRadar. Despite an overall speed up in activity, the foreclosure sales process remained convoluted, with overall trends hard to pin down since foreclosure activity is continually impacted by government intervention, internal banking issues and the fact that March had more business days than February, the report said. The Discovery Bay, Calif.-based data firm said California foreclosure sales increased 35.1% over the previous month, while jumping only 10.5% on a daily average basis. The state of Nevada saw sales jump 109.5% on a daily average basis. At the same time, foreclosure starts declined across the covered region in March even as the overall number of filings in California, Nevada and Washington state rose over February levels. "Between government intervention, internal issues within the banks, and even simple deviations like the number of days in the month, it is easy to come to the wrong conclusions about foreclosure activity," said Sean O'Toole, CEO and founder of ForeclosureRadar.com. "The one thing that remains clear is that while the process has slowed, there remains no consensus on a viable solution other than to eliminate the excess mortgage debt that has left millions underwater and continues to hinder the broader economy." Data from ForeclosureRadar.com: Arizona: Notice of trustee sale filings remained flat. Foreclosure sales grew, up 60.1 percent in sales back to bank (REO) and up 67.1 percent in properties sold to third parties month-over-month. California: Notice of default filings rose to highest level since October, rising 17.3% month-over-month. Notice of Trustee sale filings fell for the third consecutive month, down 3.3%. Nevada: Notice of Default filings rose 9.7% from February, but actually fell 10.4% on a dial average basis. Notice of Trustee Sale filings grew 24.9% percent month-over-month. Back to Bank grew 159.8% and sales to third-parties grow 143.8% from February. Oregon: Notice of Default filings dropped 10.4% month-over-month in February. Properties sold back to the bank fell 12.9% month over-month Sales to third parties fell 9.1% from February. Washington: Notice of trustee sale filings grew 10.1 percent in February. Notice of Trustee sale filings have remained relatively flat for the past 5 months. Write to Kerri Panchuk.