Fall in foreclosure filings reported for April in Santa Clara and San Mateo Counties
Foreclosure Radar, a Discovery Bay company, reports that foreclosure filings have come down by 30 percent in April, compared to same time last year and this is a strong sign that the housing bubble is easing up, if not altogether vanished.
The foreclosure activity for California as a whole is showing a decline by 41 percent compared to April 2009. The total default notices issued to borrowers, upon their falling behind mortgage payments by few months, is reported to be on 27,832 properties – down by 16 percent from the previous month of March 2010.
Santa Clara and San Manteo counties follow suit in filing lesser new foreclosures during April. Santa Clara County reported a total of 923 default notices – a drop of 32 percent from April 2009 and coming down by 15 percent compared to March.
Similarly in San Mateo County, a total of 327 default notices were served on borrowers missing payments, which is 25 percent less than the figure of April 2009 and also a decrease by 18 percent from the March 2010 figure.
What the market analysts and Economists have to say about this? Well – Company founder of Foreclosure Radar, Sean O’Toole is optimistic that “we have passed the peak”. Experts in housing markets give credit for the reported decline to a variety of factors like – rising home prices in some neighborhoods and improvements in attitudes of lenders towards short sale and loan modification efforts.
Chief Economist for Comerica Bank, Dana Johnson, agrees that the biggest spikes in foreclosures have come and gone. Commenting upon California housing market reports, he said in recent months we are hearing same news of stronger market and falling foreclosures; California is a great illustration of the price dynamic that people will make every effort to hold on, hoping the asset is gaining in value.
Despite the good signs, Foreclosure Radar reports that 1,600 properties in San Mateo County and about 4,800 properties in Santa Clara County are waiting in foreclosure pipeline, since their owners have received default notices, if not notice of public auction.
Posted by Amitesh Kumar
on May 21 2010. Filed under Foreclosures.
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[...] The foreclosure activity for California as a whole is showing a decline by 41 percent compared to April 2009. The total default notices issued to borrowers, upon their falling behind mortgage payments by few months, is reported to be on 27,832 properties – down by 16 percent from the previous month of March 2010. Read More.. [...]