San Jose Real Estate * REALTOR ® * Richard Gonzalez

May Foreclosure data didn’t show much of a difference other than the continued climb to a one year average from the time of a default to sale date. This trent continues to show evidence that foreclosure modification efforts and short sales are allowing homeowners more time to help them stay in their homes.

06085 – Foreclosure Inventories

Foreclosure inventories stayed steady with little change to the amount of people who defaulted on their loans(green) and even less sale activity(blue). This is the first month that showed 0% activity in REO inventory levels(red).

06085 – Foreclosure Filings

Notice of sales increased(blue) while people who received a notice of default fell slightly(green).

06085 – Foreclosure Outcomes

Cancellations fell last month reducing the amount of foreclosure postponements for people currently in default(grey). Postponements(cancellations) are a good indicator of modification and short sale activity. The number of properties going back to the banks as a result of a sale increased slightly(red).

06085 – Time to Foreclose

The average time a homeowner had before losing their home to foreclosure has continued its steady climb and is close to one year(green). Bank are taking an average of 200 days to sell properties(red).