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 January 2013, there were 10,286 Active Default Residential Properties. This is down from the previous month when there were 10,683 Active Default Residential Properties. FYI: The All-Time high was in December 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, 452. In January 2013, there were 1, 339 Foreclosures. This was up by about 40 units from December.
REO Properties: Properties that the bank owns due to lack of sale at the Trustee Sale (Auction).
- At the end of January 2013, there were 5,618 Residential REO Properties – vs. the previous month when there were 5,789. This is down by 171 REO units – from last month! In January 2012, there were 8,539 REO Properties – so we are down by 34% from then. There are approximately 1,232 REO Properties listed in the MLS, with an additional 1,042 REO Properties that are in UCB and Pending Status in the MLS. This means that there are approximately 3,344 REO Properties that are Foreclosed on, but have not yet been listed in the MLS.