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Foreclosures in Yuba – Sutter County Continue Downward Trend

This post was written by jd on August 15, 2010
Posted Under: Real Estate

Foreclosures continued on an overall downward trend in July in the Yuba-Sutter area, though Sutter County saw an increase compared to a year earlier in the number of homes undergoing the final foreclosure step and falling into bank possession.

In Yuba County, 56 homes went into foreclosure last month, a decrease of 10 from a year earlier, while 55 homes did so in Sutter County, up from 40 in July 2009.

An ongoing trend statewide of foreclosures being canceled before they reach the final step also continues, according to a report by ForeclosureRadar .com released Thursday. Compared to a year earlier, cancellations rose by 75 percent statewide, with nearly 19,000 in July.

Numbers from the Yuba-Sutter area suggest a similar trend, with notices of default, the first step toward foreclosure, still significantly higher than the number of actual foreclosures.

Yuba County saw 86 notices of default in July; and Sutter County had 81. In both cases, there were more notices of default a year earlier.

ForeclosureRadar.com’s founder, Sean O’Toole, said in the report that the number of cancellations may be a negative trend, because they delay foreclosures even though the homes still may have negative equity.

Both counties saw modest upticks in the number of homes sold at auction after foreclosure, up to 14 from eight a year earlier in Yuba and 14 from six in Sutter. The rise indicates more investors may see foreclosed homes as a worthwhile place to put their money.

Foreclosure statistics were not available for Colusa County, which has comparably little home buying and selling activity.

Reprinted with permission Appeal Democrat

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