Sacramento Foreclosure Trustee Auctions up in May, But So Were Loan Modifications
May 31st, 2009 Categories: Mortgage and Loans, Real Estate News, Real Estate Trends, Sacramento RE Stats, Sacramento Real Estate
According to ForeclosureRadar.com, the numbers of Trustee Sales held at the county courthouse steps in Sacramento for May were up nearly 25% compared to April. There were 709 Trustee Sales held in Sacramento in April 2009 and 936 in May 2009.
Notice of default filings and Notice of Trustee Sales are also up for all of Sacramento County. For the month of May, ForeclosureRadar.com says there were 1604 Notice of Defaults filed (the first step in the foreclosoure process, which can be filed any time after the borrower is 60 days delinquent) and 1165 Notice of Trustee Sales filed. These NOT’s are notice of sales scheduled at least 21 days after the filing.
With many more loan modifications being approved, (HOPE NOW announced this week that nationally, 270,000 homeowner solutions were completed in April. This is the largest number of workouts in any month since HOPE NOW began to compile data) surely only a portion of these 1165 NOT’s will actually go to auction, so it looks like the Trustee Auction numbers will probably be lower next month than they were in My.
