ForeclosureRadar.com reports in Orange County in April:
- Notices of default totaled 2,002, down 21% from a year ago, and 23% from March.
- Banks foreclosed on 573 houses and condos, down 49% from a year ago but up 52% from March.
Banks typically file a notice of default (NOD) after a borrower misses three or more monthly payments. NODs initiate the foreclosure process.
The chart (click on it for larger image) shows the trend in NODs and foreclosures since the credit crisis hit in August 2007.
Foreclosure moratoriums by companies and a state law forcing lenders to discuss alternatives to foreclosure with borrowers slowed the process down. But, despite a dip in NODs last month, foreclosures are climbing again. (Moratoriums are over.)
From the Orange County Register:
http://mortgage.freedomblogging.com/2009/05/13/oc-foreclosures-rise-but-filings-drop/10309/
Tue, Jun 30, 2009
Crisis News, Facts & Info, Socal Info