California Foreclosure Sales Near $2B in March.Foreclosure foreclosure Legal proceeding by which a borrower's rights to a mortgaged property may be extinguished if the borrower fails to live up to the obligations agreed to in the loan contract. Radar(TM)(www.foreclosureradar.com) Reports Unprecedented California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). Foreclosure Activity DISCOVERY BAY, Calif. -- Foreclosure Radar, a foreclosure listings and software company, today announced that 5,316 California foreclosures were sold at auction in March, representing a 27% increase from February and a 264% increase in the last 6 months. Of the $2B worth of properties sold in March, 4,796 went back to the lender after receiving no bids, representing $1.82B. While foreclosure sales foreclosure sale n. the actual forced sale of real property at a public auction (often on the court house steps following public notice posted at the court house and published in a local newspaper) after foreclosure on that property as security under a mortgage or are increasing throughout the state, Foreclosure Radar reports significant regional differences. Despite considerable news coverage of San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. foreclosures, San Diego County ranked 15th highest with one foreclosure for every 5,668 residents in March; Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. easily ranks number one in volume each month, but adjusted for population, Los Angeles County ranks 38th with one foreclosure for every 12,182 residents. [TABLE OMITTED] "Foreclosures sold at auction now account for 15% of all home sales in California and continue to rise," said Sean O'Toole, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and Founder of Foreclosure Radar. "This isn't just a story about failing subprime lenders and their customers. At the current pace, foreclosures will be a significant part of the real estate economy. A fact which bears close scrutiny even in areas that are not yet affected." Foreclosure Radar is the only service that tracks the actual auctions of property on a daily basis, and not the county records tracked by others, which can be weeks behind actuality ac·tu·al·i·ty n. pl. ac·tu·al·i·ties 1. The state or fact of being actual; reality. See Synonyms at existence. 2. Actual conditions or facts. Often used in the plural. . The data presented by Foreclosure Radar is based on individual sales results at daily foreclosure auctions throughout the state: not estimates or projections. An Opportunity for Real Estate Professionals and Investors Foreclosure Radar will be launching a revolutionary new foreclosure service for real estate professionals and investors later this month. In addition their unique foreclosure data and analysis will be available through select media outlets. For more information and to be notified when the service launches, please visit www.foreclosureradar.com. NOTE TO CALIFORNIA MEDIA: Contact us for statistics relevant to your local area. |
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