With hundreds of thousands of California homeowners in foreclosure a
stalemate continues as only a small percentage reach the end of the process through cancellation or sale and the time to foreclose increases. Once again the raw numbers fail to tell the story on foreclosure activity due to the difference in number of business days in January (19) vs. December (22). On a daily average basis foreclosure activity increased on all fronts.
“With delinquent payments rising, foreclosures slowing, and foreclosure alternatives failing,” says Sean O’Toole, Founder and CEO of ForeclosureRadar.com, “it appears the foreclosure crisis will be with us for many years to come”.
After significant declines in December, Foreclosure Filings were slightly lower overall in January. With only 19 days that notices could be recorded in January, compared to 22 in December, foreclosure notice filings actually increased on a daily average basis with Notice of Default filings increasing by 9.5 percent from December, and Notice of Trustee Sale filings increasing by 10.3 percent.
In ORANGE COUNTY alone the amount of Notice Of Defaults' filed from JANUARY 2009 compared to JANUARY 2010 dropped approximately 25%.
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