Foreclosure numbers for California

I am reviewing the Foreclosure Radar report on Foreclosures in California for the month of April 2010.  The numbers are not good in my professional opinion.  It might be good news to some.. Lawyers and Realtors! Here is a breakdown

"Foreclosure filings were down in April for the 1st time since the beginning of the year.  Despite the decline in filings, the inventory of properties in Pre-foreclosure or scheduled for sale only dipped slightly as the drop in filings were offset by an increase in the time to foreclosure" --Foreclosure Radar

1. Notice of Trustee Sale

still close to the pace of 2009  3.10% vs. Prior Year

Notice of Trustee Sale filings set the date and time of auction and serve as the homeowner’s final notice before sale.

2. REO Inventory still high

REO is a class of property  owned by a lender, typically a bank, after an unsuccessful sale at a       foreclosure  auction.

3. Notice of Trustee Sale

Cancellations higher by 11.39% prior month and 174.37% from this time last year!!!!

*After the filing of a Notice of Trustee Sale, there are only three possible outcomes. First, the sale can be Cancelled for reasons that include a successful loan modification or short sale, a filing error, or a legal

requirement to re-file the notice after extended postponements. Alternatively, if the property is taken to sale, the Bank will place the opening bid. If a 3rd party, typically an investor, bids more than the bank’s opening bid, the property will be Sold to 3rd Party; if not, it will go Back to Bank and become part of that bank’s REO inventory. –Per Foreclosure Radar Report April report

This is the number that bugs me the most since it just shows that one a cancellation can be the bank re-filing    the Notice of Trustee sale due to extended postponements, a filing error or successful short sale or loan modification which I highly doubt.   Since I am seeing more and more banks delaying loan modification approvals  by up to 6 to 9 months.  The number just is not going down and it's creating a major back log.

4. Sold to 3rd Party

Is up 6.05% from the previous month and up 158.62% from last year!!! This just brings surrounding homes market    value down since most 3rd Party sales are below the Market value of the home.

Based on these numbers I don't see a Real Estate Recovery this year.  I would consider this year gone and done for Real Estate barring something drastically happening down this year like having the Federal Government doing something about changing the "Making Home Affordable" program to include values and having the Banks seriously doing modifications of home loans to a reasonable payment of the home loan since I see possible worse case scenarios affecting all debt ridden homeowners.  One scenario is Interest rates shooting upwards after inflation takes effect and it will due to ALL the spending being done by the Federal Government.  Second scenario is continuing slow down of the economy on the job front which experts are saying could last into 2014!!!!!!! All this will continue to trickle down the whole economy as a whole especially when our economy is 75% consumer spending!

I will be coming out with a Do it yourself Consumer and Loan modification package soon.  This package can get you on a more solid financial footing.  Feel free to call me at 800-208-4753 or email me at refionce@gmail.com for pre-order special price of $79.00 once the package goes online for sale the price will be $125.00.