ForeclosureRadar reports that California foreclosure activity was “mixed” in July, with foreclosure filings and cancellations dropping from June and foreclosure sales rising.

California foreclosures moving to REO status were up 13.46 percent in July from the previous month, but down over 18 percent from July of 2009. Notice of default filings were down 4.8 percent from June, and down 47 percent from July of 2009.

ForeclosureRadar CEO Sean O’Toole said that despite a “tsunami of mortgage delinquencies, we continue to see no signs of a foreclosure wave.” He said that government and lender intervention programs are continuing to delay foreclosures.

The report also said that in July, it took an average of 226 days to foreclose in California, down slightly from a 2010 peak of 239 days in April.

To read ForeclosureRadar’s July 2010 California Foreclosure Report, go here.



Leave a Reply