As reported in the OC Register on May 13, 2010

 

Foreclosure filings in California were down in April for the first time since the beginning of this year, a report by ForeclosureRadar.com shows.  

 

Notices of default were down 16% from March and 41% from April a year ago. Notices of trustee sale dropped 10% from the previous month and 3% from March, 2009.

 

But though filings declined, the number of properties in preforeclosure or scheduled for auctions dropped just slightly as the dip in filings were offset by an increase in the time to foreclose, writes Sean O’Toole, ForeclosureRadar CEO and founder.

 

Cancellations of foreclosure auctions, or trustee sales, also continue to climb, up more than 32% from the beginning of 2010, he says. 

 

“The steady rise in cancellations leads us to believe that loan modifications and short sales are gaining traction” O’Toole says. “I’d caution, however, that cancellations also occur due to filing errors and extended postponements, which require the Notice of Trustee Sale to be re-filed. In fact, 14.6% of new Notice of Trustee filings in April were on previously cancelled foreclosures.”

 

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