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May 16, 2008
REO Inventory Now 34% of California's Home Sales
REO properties recently accounted for 34-percent of the state's home sales in April, according to a new report from ForeclosureRadar. In April alone, California set a new record when 44,101 new notices of default were filed. In addition, Notices of Trustee Sale increased 7.8-percent to 29,892, dwarfing the previous record. The number of foreclosures sold in California auctions (22,838) also increased 44-percent when compared to March.
Posted by S. Germain at May 16, 2008 08:00 AM