Sacramento Trustee Sale Report… More Postponements
December 31st, 2009 Categories: Default News, Graphs and Charts, Pre Foreclosures, Sacramento Foreclosures, Shortsales
December Sacramento Trustee Sale Report
November California Notice of Default and Notice of Trustee Sale Numbers…
Graph of California Notice of Defaults/Trustee Sales
Courtesy dr.housingbubble.com
Sacramento Trustee Sales Continue to be Re-Scheduled on nearly 90% of trustee sales at 720 9TH ST downtown Sacramento most days. Imperfect foreclosure, and/or new policies under the HAMP/TARP guidelines are usually blamed.
The whole state of California has been experiencing this too, lately, even though Fannie Mae said on Dec. 15th that they were not going to re-schedule or postpone any more Trustee Sales.
According to Sean O’tooles blog on ForeclosureRadar (www.foreclosureradar.com), the only website that tracks every California foreclosure and provides daily auction updates, issued its monthly California Foreclosure Report for for November 2009. Despite apparent headline month-over-month declines in foreclosure activity, the real story requires looking at changes in the average daily activity. November had only 18 days on which filings could be recorded or trustee sales held because of fewer days in the month, Veterans Day and the Thanksgiving Holiday, while October had 22 recording days, and 21 trustee sale days. After adjusting for this difference in days we find little month-over-month change in the statistics, with the exception of Notices of Trustee Sale which declined 13.4 percent, Cancellations which rose 40.0 percent and Sales to 3rd Parties which rose 8.0 percent on a daily average basis.
“We’ve been waiting to see some impact from the Home Affordable Modification Program,” says Sean O’Toole, Founder and CEO of ForeclosureRadar.com. “The 40 percent increase in cancellations this month is likely just the beginning of what we expect will be a wave of cancellations under this program”.
Foreclosure Filings
Notice of Default |
|
| Prior Month | Prior Year |
| -18.98% | 35.41% |
Notice of Trustee Sale |
|
| Prior Month | Prior Year |
| 29.14% | -4.03% |
It is important to recognize that the decline in Foreclosure Filings is primarily due to a difference in the number of days documents can be recorded month-over-month and not fewer filings each day. With just 18 recording days in November versus 22 in October, average daily filings of Notices of Default only declined 1 percent, while Notices of Trustee Sale declined 13.4 percent from the prior month.
