Foreclosure activity has slowed year-over-year and so have my reports which could be a good thing — fewer foreclosures to worry about.
The downward trend reflects a decline in foreclosures that started in March 2009, according to Madeline Schnapp, director of economic research for PropertyRadar, formerly ForeclosureRadar, a real estate data company.
In Fresno County, 176 notices of default, the first step in the foreclosure process, were filed in October compared to 171 the month before. Last October, 229 notices of default were filed.
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The notices of sales, which set the date and time of an auction, increased slightly to 163 compared to 150 in September. There were 207 notices of sales filed a year ago at the same time.
Foreclosure cancellations because of a loan modification, short sale or filing error increased to 83 in October compared to 51 the month before.
Sixty-nine homes were returned to the bank compared to 81 in September and 31 homes were sold to a third party, or investors, up from 23.