Defaults and foreclosures drop, for now

posted by Bradley Markano | January 29, 2012 | In Finance and Mortgages, Real Estate Newsflash

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As both jobs and home sales remained scarce, 34% of all California home resale activity in the fourth quarter of 2011 was attributed to real estate owned (REO) inventory — approximately the same as in the prior quarter and down from an even higher 38% one year earlier. [For current REO data and analysis, see the first tuesday Market Chart, REO resales in CA.]

61,517 notices of default (NODs) were recorded in California in the fourth quarter of 2011, down from 69,799 one year earlier. The largest numerical drops in NODs issued took place in the counties of Riverside (-871), San Bernardino (-917), Los Angeles (-1,833) and Alameda (-543). [For more information and trends on NODs and notices of trustee’s sale (NOTS) in California, see the first tuesday Market Chart, NODs and Trustee's Deeds: Grim signs of real estate's present condition.]

NOD volume peaked in the first quarter of 2009 with 135,431 NODs recorded.

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