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Here comes the second wave - Riverside 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

Riverside County
NOD's - Notice of Default
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2006 1,245 1,468 1,591 1,649
2007 1,895 2,080 2,187 2,117 2,320 2,716 2,968 3,609 3,138 3,503 2,493 4,489 33,515
2008 5,384 4,449 5,384 5,221 5,385 5,111 4,935 5,340 2,025 2,040 2,670 4,937 52,881
2009 4,583 5,848 6,838 17,269
2008 % Change M to M 19.9% -17.4% 21.0% -3.0% 3.1% -5.1% -3.4% 8.2% -62.1% 0.7% 30.9% 84.9%
2008 % Change Y to Y 184.1% 113.9% 146.2% 146.6% 132.1% 88.2% 66.3% 48.0% -35.5% -41.8% 7.1% 10.0%
2009 % Change M to M -7.2% 27.6% 16.9%
2009 % Change Y to Y -14.9% 31.4% 27.0%
NOS's - Notice of Sale
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2006 461 539 699 742
2007 881 1,040 1,242 1,080 1,580 1,423 1,693 1,708 1,866 2,515 2,240 2,894 20,162
2008 2,871 1,791 3,629 4,150 4,447 4,619 4,835 4,721 2,329 3,111 3,484 3,431 43,418
2009 3,132 2,575 3,909 9,616
2008 % Change M to M -0.8% -37.6% 102.6% 14.4% 7.2% 3.9% 4.7% -2.4% -50.7% 33.6% 12.0% -1.5%
2008 % Change Y to Y 225.9% 72.2% 192.2% 284.3% 181.5% 224.6% 185.6% 176.4% 24.8% 23.7% 55.5% 18.6%
2009 % Change M to M -8.7% -17.8% 51.8%
2009 % Change Y to Y 9.1% 43.8% 7.7%
Data Source: foreclosureradar.com - Analysis Empire Realty
Cancelation of Auction

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Posted Tuesday Apr 14