Notices of default nearly double
The flames of the foreclosure wildfire leaped higher in December, with Notices of Default rebounding from the stall caused by a California law (Senate Bill 1137), which temporarily slowed foreclosures by imposing new requirements on lenders, according to a report by ForeclosureRadar Inc. of Discovery Bay, which says it tracks every California foreclosure with daily auction updates.
With 42,421 filings in December, Notices of Default are back to the record levels reached in the second quarter of 2008, nearly doubling the 21,557 Notices of Default recorded in November.
Notice of Trustee Sale filings were relatively flat month-over-month. However, Notices of Trustee Sale are filed an average 116 days after the Notice of Default so a rebound in the coming months is likely, says the report.
