Foreclosure filings in Big Bear rose 12% in March 2010 when compared to February. Year over year however, foreclosure filings were down 3% from the March 2009 numbers, the third month in a row that foreclosure filings were down year over year.
Keep in mind, foreclosure filings are made up of three parts – Notices of Default (NOD), a recorded document that starts the foreclosure process, which is normally filed after homeowners fall behind in their payments. Notices of Sale (NOS), a recorded document that is filed about 3 months after the NOD, which sets the date for the Trustee Sale. Trustee Sales, typically held around 25 days after the NOS is filed, made up of properties that go back to the bank or sold to third parties, generally on the court house steps.
In March, Notices of Default dropped lower just a bit, while Notices of Sale & Trustee Sales back to the bank both jumped up.
Here’s how the foreclosure numbers broke down for March 2010.
Notices of Default (NOD) – 57 total, down 14% from February and down 47% from March 2009.
March 2009 was the highest we’ve ever seen for the NOD numbers so the fact that is dropped 47% from then is not as great as it sounds. 57 is still way too many! To put it another way – 57 properties in Big Bear entered the foreclosure pipeline in March 2010. And I’d guess the vast majority will be bank owned in the next 6-12 months.
Notices of Sale (NOS) – 77 total, up 38% from February and up 31% from March 2009.
Banks are still aggressively pursuing those properties in default as was noticed in March. Filing the NOS puts a sale date on the property, and that generally happens within 30 days from the filing.
Trustee Sales back to bank – 47 total, up 18% from February and up 224% from March 2009.
March 2009 was one of the lower months we’ve seen so the YOY increase is really not that dramatic. We’ve been averaging the mid 40’s for the past year so I’d expect to see 30-50 properties going back to the bank every month for the remainder of this year.
Want to see what actually happens at Trustee Sales? Check out the video below.
Foreclosure Inventories In Big Bear (aka the Foreclosure Pipeline)
|Feb. 2010||Mar. 2010|
|Preforeclosure (Notice of Default)||166||187|
|Auction (Notice of Sale)||192||186|
There still remains a large amount of Big Bear properties in the foreclosure pipeline – 187 properties have an NOD filed against it, 186 a Notice of Sale, and 179 are currently owned by the Bank or Lender. Of those 179 that are bank owned, some are already on the market for sale, some are not, and a small amount have already re-sold to new owners. All in all, month over month, the numbers are up 4% from last month.