January brought an unexpected, across the board drop, in the total Notices of Default, Notices of Trustee Sale, and sales at auction in California, not only from the prior month, but year-over-year as well, according to a report released by ForeclosureRadar on Thursday.
Housing and default activity in California is often used by analysts and experts as a barometer for measuring the state of the overall housing market, and ForeclosureRadar tracks every foreclosure in the Golden State, providing daily auction updates on foreclosure property sales.
Based on ForeclosureRadar's data, California's Notices of Default decreased 11.8 percent over Notices recorded for December and are down 10.6 percent from January 2008. Due to the fact that January had two fewer recording days then December the average daily decrease was 3 percent.
3% decrease in Default filings in December. Isn't it funny how everything needs to be "headline grabbing"!
In the interest of looking good, Fannie and Freddie had publicized how they were taking the holidays off. Homeowners got a reprive so they could enjoy the holidays.
If that's so, why are these numbers so high? A 3% drop doesn't sound like a lot when I put it into that context.
Secondly, I just heard a statistic that approximately 3% of mortgages are in default.
If that number is true - which it came from an awesome economist that I LOVE - then I am really tired of hearing about all the doom and gloom.
This too shall pass. There is opportunity in every market. Kill your TV! :-)
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