Foreclosure Radar reports: California Foreclosure Sales Near $2B in March
Of the $2B worth of properties sold in March, 4,796 [of 5,316] went back to the lender after receiving no bids, representing $1.82B.
I’m pretty sure that all 5,316 properties, even the 4,796 that are now bank REO (real estate owned), are included as existing home sales in March by the NAR. If someone knows for sure, please let me know.
“Foreclosures sold at auction now account for 15% of all home sales in California and continue to rise,” said Sean O’Toole, CEO and Founder of Foreclosure Radar. “This isn’t just a story about failing subprime lenders and their customers. At the current pace, foreclosures will be a significant part of the real estate economy. A fact which bears close scrutiny even in areas that are not yet affected.”
What I find eye-catching is the bit not reported in Calculated Risk: the properties sold in March were up 27% from February and a 264% increase over the last 6 months.
PS I found the story a bit confusing. After puzzling out possible meanings using my calculator, I infer that 5,316 houses sold, and an additional 4,796 were also put up for auction but received no bids.