Placer County Foreclosures Report for August 2011

In their monthly report for August 2011, www.Foreclosureradar.com has reported that the number of new foreclosure notices that were filed in Placer County was up 35% in August 2011 when compared to July 2011, but was down almost 13% compared to August 2010.

New Notices of Default were the driving force in the increase month over month where new fillings rose from 283 in July to 459 in August, which is a 62% increase.

This means a much larger number of people entered the initial stage of foreclosure this month compared to last.

In there monthly report the CEO of Foreclosureradar.com, Sean O'Toole has attributed most of the increase in sales to an increase in foreclosure activity by Bank of America. He states in the report, "Bank of America appears to be primarily responsible for the surge in foreclosure starts this month. Since their average time to foreclose has recently increased to more than a year, it is unclear that these foreclosure starts will lead to an increase in foreclosure sales anytime soon."

While the number of new foreclosure notices increased dramatically in August, the number of homes that were actually foreclosed on remained stable in August compared to July, but actually decreased 24% compared to August of last year.

The inventory level of homes in preforeclosure were up dramatically, due to the increase in new filings, while the inventory of homes with notices of sale were only up slightly.  The inventory of level of homes currently owned by banks was down slighly compared to July, but up a bit compared to August of last year.

The take away from this months report is that new filings for foreclosure were up dramatically. Whether this will lead to an increase in completed foreclosures in future months is unknown.

Placer County Foreclosure Filings for May 2011: 

	New Notice of Default	New Notice of Trustee Sale	Total New Foreclosure Filings
Aug 2011	459	340	799
Jul 2011	283	308	591
Aug 2010	459	456	915
	Back to Bank	Sold to 3rd Party	Total Foreclosed During Month
Aug 2011	133	46	179
Jul 2011	132	44	176
Aug 2010	184	53	237

	Total Preforclosure	Total Notice of Sale	Bank Owned Inventory
Aug 2011	1909	1215	1311
Jul 2011	1400	1203	1344
Aug 2010	2028	1543	1253

Placer County Bank Owned Homes for Sale

 

	1 month			1 year			5 years
	July 11	Aug 11	% Change	Aug 10	Aug 11	% Change	Aug 06	Aug 11	% Change
For Sale	180	185	2.8%	198	185	-6.6%	26	185	611.5%
New Listing	149	140	-6%	119	140	17.6%	12	140	1066.7%
Sold	120	124	3.3%	107	124	15.9%	0	124	n/a
Pended	112	134	19.6%	126	134	6.3%	2	134	6600%

 

Based off of data and graphs provided by Trendgraphix.com and Metrolist MLS, the number of bank owned homes listed for sale in Placer County in Metrolist MLS increased in August compared to July, but decreased compared to August of last year.

The number of new bank owned homes that were added to the market in August decreased when compared to June, but increased compared to August of last year.

The number of Placer County bank owned homes pending sale in August was higher when compared to July and August of last year.

The number of bank owned Placer County homes that sold in August was slightly higher than the number sold in July, but was nearly 16% higher than the number sold in August of last year.

The inventory level of bank owned homes in Placer County now stands at 1.5 months, which is about the same as last month, but a tad lower than in August of last year.

Placer County Short Sale Homes for Sale

 

	1 month			1 year			5 years
	July 11	Aug 11	% Change	Aug 10	Aug 11	% Change	Aug 06	Aug 11	% Change
For Sale	340	314	-7.6%	503	314	-37.6%	0	314	n/a
New Listing	186	190	2.2%	243	190	-21.8%	0	190	n/a
Sold	129	142	10.1%	115	142	23.5%	0	142	n/a
Pended	226	288	27.4%	110	288	161.8%	0	288	n/a

Based off of data and graphs provided by Trendgraphix.com and Metrolist MLS, the number of short sales for sale in Placer County in Metrolist MLS was lower in August than in July, and was much lower than the number listed in August of last year.

The number of new Placer County short sale homes that were added to the market in August was up slightly compared to the number added in July, but down substantially compared to the number added in August of last year.

The number of Placer County short sale homes pending sale in August was up considerably compared to July and was nearly triple the number pending sale in August of las year.

The number of short sale Placer County homes that sold in August was up over 10% in August compared to July and up nearly 24% compared to August of last year.

It appears that the increase in short sales pending sale may now be leading to actual increase in short sales closing.

The inventory level of short homes for sale in Placer County now stands at 2.2 months, which is slightly lower than in July, but only about half the inventory level of August 2010.

If you have any questions about the statistics provided in this report, or if you are interested in buying a foreclosure home in Placer County, please feel free to contact us at 916-728-1981.