West coast states saw a decline in foreclosure starts in December, according to ForeclosureRadar. In fact four of the five states tracked by ForeclosureRadar’s monthly survey saw double-digit declines. The exception was Oregon, where foreclosure starts rose by 5 percent. Foreclosure sales in the West coast states were mixed but “down far less than we expected given lender announcements of holiday moratoriums,” ForeclosureRadar reported.
Foreclosure sales rose in California and Washington and fell in Oregon, Nevada, and Arizona. Foreclosure timelines declined overall, which was “surprising,” according to California-based ForeclosureRadar.
The greatest drop in foreclosure timeline was seen in California, where the time to foreclose is now 250 days, a 16.9 percent drop from November. After a 3.2 percent decline, Nevada’s 331 day foreclosure timeline was the greatest, while Washington’s 104-day timeline was the lowest. Washington also posted the lowest rate of change for the month – a 0.9 percent increase. Arizona’s timeline also increased in December, rising to 145 days after a 2.1 percent increase.
With a 30.6 percent drop, California posted the greatest decline in foreclosure starts in December. Arizona followed with a 24.2 percent decline. ForeclosureRadar reported a 45.8 percent rise in foreclosure cancellations in December, which it attributes to the closing of a trustee sale location in Norwalk. Affecting foreclosures in Nevada, which declined 14 percent in December, is a new law requiring lenders to file an additional affidavit. “Nevada’s new foreclosure rules appear on track to bring a near complete halt to foreclosures in that state.” stated Sean O’Toole, Founder and CEO of ForeclosureRadar.