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April 30, 2012

Placer County Foreclosures Report for March 2012

In their monthly report for March 2012, www.Foreclosureradar.com has reported that the number of new foreclosure notices that were filed in Placer County was 12% higher in March than February, but was down just over 19% compared to March 2011.

The total number of homes that have received some sort of foreclosure notice was up slightly in March compared to February, but is well below March of last year.

The inventory of level of homes currently owned by banks was down 19% compared to March of last year, and 7% compared to January.

The most telling statistic may be that actual foreclosure sales were down 17% in March compared to February and 56% compared to last March.

Investors purchased 41% of the 116 homes that were sold at foreclosure auction, while bank took possession of the remaining 59%.

Banks are clearly shifting their strategy to dealing with foreclosures as short sales and selling them to investors at auction.

Placer County Foreclosure Filings for March 2012:

  New Notice of Default New Notice of Trustee Sale Total New Foreclosure Filings
Mar 2012 295 282 577
Feb 2012 257 258 515
March 2011 384 331 715
       
       
  Back to Bank Sold to 3rd Party Total Foreclosed During Month
Mar 2012 69 47 116
Feb 2012 81 58 139
March 2011 183 82 265
       
       
  Total Preforclosure Total Notice of Sale Bank Owned Inventory
Mar 2012 1119 1063 1081
Feb 2012 1114 1045 1166
Mar 2011 1370 1516 1340
Graph of Foreclosure Filings in Placer County
Graph of Foreclosure Outcomes in Placer County
Graph of Foreclosure Inventories in Placer County

Placer County Bank Owned Homes for Sale

Placer County Bank Owned Homes

  1 month 1 year 5 years
  Feb 12 Mar 12 % Change Mar 11 Mar 12 % Change Mar 07 Mar 12 % Change
For Sale 115 107 -7% 180 107 -40.6% 86 107 24.4%
New Listing 93 120 29% 146 120 -17.8% 38 120 215.8%
Sold 116 107 -7.8% 150 107 -28.7% 18 107 494.4%
Pended 122 126 3.3% 140 126 -10% 19 126 563.2%

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 decreased in March compared to February and compared to March of last year.

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

The number of Placer County bank owned homes pending sale in March was higher in March when compared to February, but was lower compared to March of last year.

The number of bank owned homes that sold in Placer County during March was lower than both February and March of last year.

Inventory levels of bank owned homes in Placer County remain at around 1 month. The drop in pending sales and sales of bank owned homes is due intirely to a lack of supply. If there were more bank owned homes for sale, these numbers would increase.

Placer County Short Sale Homes for Sale

Placer County Bank Owned Homes

  1 month 1 year 5 years
  Feb 12 Mar 12 % Change Mar 11 Mar 12 % Change Mar 07 Mar 12 % Change
For Sale 202 140 -30.7% 437 140 -68% 0 140 n/a
New Listing 172 190 10.5% 232 190 -18.1% 0 190 n/a
Sold 141 128 -9.2% 134 128 -4.5% 0 128 n/a
Pended 212 305 43.9% 242 305 26% 0 305 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 March than in February, and was much lower than the number listed in March of last year.

The number of new Placer County short sale homes that were added to the market in March was higher compared to the number added in February, but was lower than March of last year.

The number of Placer County short sale homes pending sale in March was up considerably compared to February and March of last year.

The number of short sale Placer County homes that sold in March was lower than the number sold in February and March of last year.

The inventory level of short sale homes for sale in Placer County now stands at 1.1 months, which is lower than in February and only 1/3 the inventory of 3.3 months in March of last year.

Even with the increase in the number of short sales in contract, the number of short sales sold was actually down in March compared to last year and last month, which is disappointing.

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.

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