What's New at Moore Appraisals

O.C. home seizures
December 16th, 2008 2:12 PM

Banks last month took 633 homes in Orange County from delinquent borrowers, a 14% drop from October and the lowest monthly foreclosure total in a year.

Still, foreclosures were up 74% from 364 homes taken in November ‘07. Of course, last month’s total was close to the peak at the end of the slump in the ’90s: 674 foreclosures in October ‘96.

However, notices of default, which start the foreclosure process, increased roughly 30% to 1,205 last month from October.

Notices of default plummeted in September — rising slightly in October — as a state law was enacted requiring banks to talk with borrowers at least 30 days before filing an NOD (or show they tried) and discuss options to avoid foreclosure.

Some experts say the law temporarily lowered NODs first and is now doing so to foreclosures. Also, some recent reports show lenders and loan servicers are modifying more loans to help borrowers avoid foreclosure. But loan mods are occurring on a small percentage of all delinquent loans — around 3% monthly by some estimates. (*Word “monthly” added.)

Meanwhile, Orange County’s median home price fell to a 66-month low of $400,000. Read more on prices and sales HERE.

Here’s a table with notices of default (NODs) and foreclosures (Forec.) by month going back to 2006:

Year 2008 2007 2006
Month Defaults Forec. Defaults Forec. Defaults Forec.
January 2,352 802 847 153 384 25
February 2,254 732 811 164 316 14
March 2,476 698 986 204 407 28
April 2,598 898 855 234 374 22
May 2,468 1,131 1,021 276 444 37
June 2,498 1,213 1,108 311 462 13
July 2,337 1,362 1,167 367 440 44
August 2,484 1,441 1,476 469 498 59
September 871 1,194 1,239 444 588 78
October 925 737 1,448 530 599 104
November 1,205 633 933 364 665 102
December 1,895 644 688 121
TOTAL 22,490 10,841 13,786 4,160 5,865 647

Posted in:General
Posted by David Moore on December 16th, 2008 2:12 PMPost a Comment

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