California Foreclosure Update- February 2009

Since the foreclosure market tends to drive the current housing market here in San Diego and Chula Vista, accurate information is key to udnerstanding what to expect in the coming months.

Here are some of the key facts that I noticed in a recent report by Foreclosure Radar- a wonderful service to anyone looking into the foreclosure and pre-foreclosure market- (click here for instant Foreclosure Radar access).

- From December '08 to January '09, Wells Fargo, (which recently purchased Wachovia) saw NOD fillings decrease 46% while JP Morgan/Chase/Washington Mututal saw declines at 49% for the same period.

- Juxtaposed to that, Bank of America/Countrywide saw filings increase 281%, still lower though, than the record numbers set in the second quarter of 2008.

- Overall, Notice of Default filings were down 11.8% from December '08 to January '09, with an average daily decrease of about 3% (figuring that January had 2 fewer filing days than December).

- There were 22,328 Notices of Trustees Sales filed in January, a decrease of 8.3% from December, and a 4.5% decrease from filings in Janaury 2008.

- There were 15,314 properties sold at auction representing about $6.8 billion in loan value.

- Just over 94% of these properties were sold back to the bank at auction.

For more facts and figures, keep this blog bookmarked, and check out a free sample of Foreclosure Radar at our website.

And remember, the HOTTEST DEALS are at www.HottestHomeBuys.com!