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Here comes the second wave - Inland Empire Foreclosures

Hey Everyone,

OK, we have a trend. It looks like the second wave of foreclosures is starting to come through the door, gotta love those Alt-A failure rates. Both San Bernardino and Riverside counties logged the highest notice of defaults (NOD's) in March. The trend line is really picking up, if this continues for the next couple months the market will be flooded with new inventory.

The numbers of cancelations have increased about three fold from their lows but they are still very low, this is a sign that loan mods and work outs work for a very low number of those losing their homes.

Enjoy!

Empire Realty

San Bernardino County
NOD's - Notice of Default
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2006 1,003 1,165 1,261 1,369
2007 1,489 1,305 1,623 1,586 1,786 2,038 2,272 2,693 2,176 2,435 1,266 3210 23,879
2008 4,033 3,496 4,035 4,150 4,106 4,281 4,094 4,213 1,515 1,752 2,276 4016 41,967
2009 4,025 4,604 5,275
2008 % Change M to M 25.6% -13.3% 15.4% 2.9% -1.1% 4.3% -4.4% 2.9% -64.0% 15.6% 29.9% 76.4%
2008 % Change Y to Y 170.9% 167.9% 148.6% 161.7% 129.9% 110.1% 80.2% 56.4% -30.4% -28.0% 79.8% 25.1%
2009 % Change M to M 0.2% 14.4% 14.6%
2009 % Change Y to Y -0.2% 31.7% 30.7%
NOS's - Notice of Sale
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2006 305 417 458 501
2007 638 760 883 785 1,103 1,034 1,253 1,295 1,405 1,894 1,169 2,153 14,372
2008 1,981 1,352 2,615 2,982 3,359 3,451 3,650 3,570 1,936 2,427 2,901 2,455 32,679
2008 2,428 2,152 3,487
2008 % Change M to M -8.0% -31.8% 93.4% 14.0% 12.6% 2.7% 5.8% -2.2% -45.8% 25.4% 19.5% -15.4%
2008 % Change Y to Y 210.5% 77.9% 196.1% 279.9% 204.5% 233.8% 191.3% 175.7% 37.8% 28.1% 148.2% 14.0%
2009 % Change M to M -1.1% -11.4% 62.0%
2009 % Change Y to Y 22.6% 59.2% 33.3%
Data Source: foreclosureradar.com - Analysis Empire Realty
Cancelation of Auction

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Posted Tuesday Apr 14