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California Inventory Continues to Diminish as Foreclosure Activity Falls

Foreclosure activity was somewhat mixed in the five Western states--Arizona, California, Nevada, Oregon, and Washington--observed by ""ForeclosureRadar"":http://www.foreclosureradar.com over the month of January.

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Notably, California foreclosure sales were down in January, despite a past trend of an uptick in the month following a decline in December. However, this January, both notices of default and notices of foreclosure sale declined in January--down 60.5 percent and 34.83 percent, respectively, over the month.

Foreclosure sales declined 65.65 percent since January 2012, while notices of default fell 77.66 percent.

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California processed 5,447 foreclosure sales in January after 5,908 in December.

""While the alphabet soup of Federal programs has successfully prolonged, or catapulted delinquent homeowners out of the foreclosure process, the unintended consequence is now an acute lack of available housing inventory for sale,"" according to ForeclosureRadar.

Adequate inventory is necessary for a recovery to take place, but is lacking in much of the state, according to the analytics firm.

Arizona's foreclosure sales were also down over the month, down 6.37 percent from December and posting a decline of 40.61 percent from January 2012. ForeclosureRadar did not release numbers for notices of default in Arizona.

Washington's notices of foreclosure sale declined 3.99 percent from December but up 155.8 percent year-over-year. ForeclosureRadar's January data did not include data on notices of default in Washington.

Notices of default increased, however in both Nevada and Oregon.

In Nevada, notices of default increased 16.68 percent over the month in January and were up 84.51 percent year-over-year. Foreclosure sales decreased slightly, 1.68 percent, over the month and were down 56.57 percent year-over-year.

Oregon's notices of foreclosure sale increased 88.24 percent over the month but were down 92.73 percent over the year.

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