Sorry for being a little late with these.
The number of Big Bear properties that went back to the bank (future bank owned listings) in June 2009 was an all time high at 52, 8 more than the previous high of 44 set in May.
In total, the foreclosure filings for the month of June 2009 were down 2% from May 2009, but up 34% from the June 2008 numbers. Keep in mind, foreclosure filings are made up of Notices of Default, a recorded document that is the start of the foreclosure process, Notices of Sale, a recorded document that sets the date for the Trustee Sale, and lastly, Trustee Sales, properties that go back to the bank.
Here’s how they broke down for June 2009.
Notices of Default – 90 total, down 5% from May but up 14% from June 2008.
Notices of Sale – 69 total, down 9% from May but up over 57% from June 2008.
Trustee Sales – 52 total, up 16% from May and 49% from June 2008.
There’s been a lot of talk out there about the real estate market bottoming out. In Big Bear, it seems that prices on the lower end have stabilized, and have even got up a bit. But, these foreclosure filings show that we are not even close to seeing prices get substantially better. Prices may have leveled off, but they will continue to be depressed until we see the foreclosure numbers start to slow down.
From the graphs above, that does not appear to be happening yet.
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