I have been out looking for houses for my buyers and I keep noticing the inventory shrinking down. According to the Cromford Report, this isn't my imagination! See below for the latest stats.
Default Properties: The status of a property currently within the Foreclosure process after the Bank records a Notice of Trustee Sale due to lack of borrower making payments for at least 90 days. Properties remain in this status until there is a recorded Trustee Sale or Cancellation of Trustee Sale.
- At the end of February 2012, there were 17,331 Active Default Residential Properties. This is up by 376 units from the previous month when there were 16,955 Active Default Residential Properties. This is the first month that we have seen an increase after 13th consecutive months of decreases in the number of Active Notices. FYI: The All-Time high was in December of 2009 when there were 47,606 Active Default Residential Properties.
Foreclosures: When the Bank either sells the property at the Trustee Sale (Auction) or takes the property back via Trustee's Deed.
- Foreclosures hit an All-Time, one-month high in March 2010 with 5,451. Last month, there were 2,104 Foreclosures. This was down by 449 units from November.
REO Properties: Properties that the bank owns due to lack of sale at the Trustee Sale (Auction).
- There are currently 7,909 Residential REO Properties - vs. last month when there were 8,539. This is a drop of 630 REO units in one month! In February 2011, there were 20,076 REO Properties - so we are down by 61% from then. There are approximately 1,588 REO Properties listed in the MLS, with an additional 1,425 REO Properties that are in Pending Status in the MLS. This means that there are approximately 4,896 REO Properties that are Foreclosed on, but have not yet been listed in the MLS.
