Huntington Beach, CA – by Scot Campbell, Realtor – Source: Foreclosure Radar
Foreclosure Filings— Notice of Default filings are the first step in the foreclosure process. Notice of Trustee Sale filings set the date and time of an auction, and serve as the homeowner’s final notice before sale.
In Huntington Beach, the number of Foreclosure Filings is down 61% in the last year.
In Orange County, the number of Foreclosure Filings is down 55%, so the trend is county wide.
First, the sale can be Cancelled for reasons that include a successful loan modification or short sale, a filing error, or a legal requirement to re-file the notice after extended postponements. Alternatively, if the property is taken to sale, the bank will place the opening bid. If a 3rd party, typically an investor, bids more than the bank’s opening bid, the property will be Sold to 3rd Party; if not, it will go Back to the Bank and become part of that bank’s REO inventory (to be resold).
In Huntington Beach, the number of Cancelled sales is way up, and the number of homes going to 3rd Party Investors and back to the Bank are both down.
In Orange County, the number of Cancelled sales is way up, and the number of homes going to 3rd Party Investors and back to the Bank are both way down. So, again the trend is county wide.
Foreclosure Inventories—Preforeclosure inventory is an estimate of the number of properties that have had a Notice of Default filed against the property, but have not yet been Scheduled for Sale.
The Scheduled for Sale inventory indicates those properties that have had a Notice of Trustee Sale filed, but have not yet been sold or had the sale cancelled. The Bank Owned (REO) inventory indicates the number of properties that have been sold Back to the Bank at the trustee sale, and which the bank has not yet resold to another party.
In Huntington Beach, there are fewer properties scheduled for Trustee’s Sale, and there are fewer properties owned by banks.
The trend for Orange County is the same as Huntington Beach.
The fewer foreclosure filings and increased cancellations has clearly resulted in fewer properties going back to the banks and falling levels of the inventory of bank owned properties and those working through the foreclosure process. Collectively these properties have been labeled “shadow inventory” in the past. It can be clearly seen that the Shadow Inventory is falling in Huntington Beach and Orange County in general.
Note: For a list of All Bank Owned Homes For Sale in Huntington Beach goto: www.HBreoHomes.com
This trend combined with the historically low level of homes for sale in Orange County suggests there will be upward pressure on home prices so long as interest rates stay low.
Today’s low inventory along with rock bottom mortgage rates makes now a great time to quickly sell a Huntington Beach home for top dollar.
For questions about buying and selling real estate in Orange County, contact Scot Campbell.
He has been a licensed broker for over 21 years and has brokered over 1000 homes and just about every type of transaction imaginable.
Read his profile and client reviews at www.ScotCampbell.com
He can be reached at 714-960-0700 at the office, 714-336-0394 on his mobile number or via email at Scot.Campbell@ColdwellBanker.com