Foreclosure activity was again mixed in July. Foreclosure filings and
cancellations dropped after rising last month, while foreclosure sales rose after dropping last month. “Despite a tsunami of mortgage delinquencies we continue to see no signs of a foreclosure wave” says Sean O’Toole, Founder and CEO of ForeclosureRadar.com. “Lenders and government intervention continue to delay foreclosures despite their continued failure to find a long term solution to unsustainable negative equity.”
The discount from the market value at which 3rd Parties, typically investors, were able to purchase properties at trustee sale, varied by county. Orange County saw the toughest competition on the courthouse steps, with discounts from market value of just 15.3 percent. Kern and Fresno Counties offered the largest discounts at 29.3 and 29.9 percent respectively. Statewide the average was 21.6 percent. Most investors resell properties they purchase at trustee sale and must contend with the current occupant, past due property taxes, senior liens, repairs, and resale expenses including commissions.
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