The Foreclosure Report 2010 Summary for CA, AZ, NV, WA, OR
The first half of 2010 saw relatively good news for most participants in the foreclosure market. Foreclosure cancellations rose as homeowners saw more short sales and loan modifications approved. Investors quickly flipped their foreclosure purchases for solid profits as buyers hurried to take advantage of tax credits. As the tax credits expired, however, the market began to slow. Foreclosure cancellations also began to drop as the government push for loan modifications waned and short sales slowed with the rest of the housing market. Finally, in the beginning of the third quarter, the robo-signing scandal led to dramatically lower foreclosure sales, including a complete halt by Bank of America for nearly two months.
Foreclosure Starts 2007-2010
For the first time since the foreclosure crisis began, Arizona, California, and Nevada saw a drop in the filing of new foreclosure actions. Oregon and Washington, however, continued to climb, but with much lower percentage increases than the prior 2 years.
|
State |
|
2007 |
2008 |
2009 |
2010 |
|
# Starts |
45,225 |
109,086 |
145,423 |
119,790 |
|
|
|
% Change |
n/a |
+141% |
+33% |
-18% |
|
# Starts |
280,095 |
442,612 |
504,425 |
338,999 |
|
|
|
% Change |
n/a |
+58% |
+14% |
-33% |
|
# Starts |
38,690 |
75,814 |
106,425 |
86,010 |
|
|
|
% Change |
n/a |
+96% |
+40% |
-19% |
|
# Starts |
8,176 |
14,371 |
22,302 |
24,574 |
|
|
|
% Change |
n/a |
+76% |
+55% |
+10% |
|
# Starts |
14,844 |
27,966 |
36,947 |
42,161 |
|
|
|
% Change |
n/a |
+88% |
+32% |
+14% |
Foreclosure Starts represent: Notice of Default filings in CA, NV and OR; Notice of Trustee Sale filings in AZ and WA.
Foreclosure Sales 2007-2010
Foreclosure sales dropped in 2010 for the first time in Arizona and Nevada. California dropped for the second year in a row, while Oregon and Washington both saw increased foreclosure sales.
|
State |
|
2007 |
2008 |
2009 |
2010 |
|
# Sales |
18,775 |
66,685 |
94,979 |
70,588 |
|
|
|
% Change |
n/a |
+255% |
+42% |
-26% |
|
# Sales |
96,901 |
251,544 |
202,215 |
189,810 |
|
|
|
% Change |
n/a |
+160% |
-20% |
-6% |
|
# Sales |
11,242 |
37,637 |
45,420 |
42,828 |
|
|
|
% Change |
n/a |
+235% |
21% |
-6% |
|
# Sales |
1,809 |
6,129 |
12,056 |
16,781 |
|
|
|
% Change |
n/a |
+239% |
+97% |
+39% |
|
# Sales |
4,724 |
11,810 |
22,699 |
25,920 |
|
|
|
% Change |
n/a |
+150% |
+92% |
+14% |
Foreclosure Sales is based on auction sales either back to the bank or to a 3rd party. Numbers based on auction results excpet for 2007 to 2009 for states other than CA where we counted the filing of trustees deeds.
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