Foreclosure cancellations actually eclipsed real estate owned sales in California for December, and lenders scaled back the depth of discount offers at auction. Loan modifications were the biggest factor, while mandatory one-year delays prior to foreclosure sale accounted for about a fifth of cancellations. With delinquencies still on the rise the real picture is grimmer than this latest good news would suggest. See the following article from HousingWire for more on this.
The amount of California foreclosure cancellations increased 26.5% in December to 13,243, primarily due to loan modifications. And for the first time this number overtook foreclosures reaching real-estate owned (REO) status, according to ForeclosureRadar, which tracks foreclosure activity in the state....
Echoing the report from Default Research, that said foreclosure filings fell across many counties in November, ForeclosureRadar reported a 32.5% drop in notices of default. But, delinquencies continue to plague the market. According to a report from another California real estate consulting firm, Foresight Analytics, delinquencies in Q309 grew 11% for first-lien residential mortgages.
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