It's actually down. Really by quite a bit. Not much just from last quarter, but 16% from the same time last year. California was actually 21% less. That's significant.....I think.....I suppose.
We all presumed that the Robo Signing Settlement, or the lack of it for a few months, was what was stalling the foreclosure filings. Well, it's been signed, we expected to see an increase....not so. Hmmmm.....
And, California, being a non-judicial state, has shown a decrease in the average time it takes to actually go from late payment to 'get the heck out'. Just over 300 days.
THREE HUNDRED DAYS, you say?!?!?!? Yep. Well, really, that's not surprising it might take that long.
Miss a payment, get a little note. 3 months later, you may get a Notice of Default.....maybe 3 or so more, a Notice of Trustee Sale....then, maybe......a month or so, actually get foreclosed on. So, see 300 days isn't quite so far off. Ten months, sounds about right.
Now, what does this mean for today? Means, maybe, just maybe, some of the plans in place are working. Maybe some of the tools we are using to wade through this mess are better tools then they were a few years ago. Maybe....maybe....we're going to see less foreclosures starting, shorter times still.....maybe come back around to a market with Non-Distressed, Standard Sale, homes on our SCV market!
I can hardly wait!