For the month ending September 2010, we have seen a slow, but steady decline in foreclosure activity. This appears to track consistently with California foreclosure activity and shows the real estate market is not being flooded with an oversupply of homes.
We are seeing a steady decline in investor purchases at Trustee Sales, while at the same time an increase in cancelled Trustee Sales. This is most likely due to an increase in successful Short Sales and/or homeowners working out new loan terms and settling their debts.
We are also seeing a leveling off in the number of days it takes to complete the foreclosure process since September 2009. On average, it's taking 6.9 months to foreclose on a property for the month of September 2010. The longest time it took to foreclose in the past 12 months was back in May 2010 where it took 8.3 months to foreclose on a property.
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