I took a few minutes today to see what the picture looks like for properties in various stages of the foreclosure process in Santa Barbara County. I used an online Dataquick account I have. I first wanted to look at the number of Notice of Defaults that have been filed. This is the first step in the foreclosure process where a trustee on behalf of a lender records a Notice of Default on a property. Borrowers sometimes pay the lender what is owed and then these Notices are rescinded. So a property can be in default more than once. I noticed that there have been a steady increase in the numbers over the last year. The numbers really jumped in July, which would coincide with the Credit problems everyone has heard about. The most recent months show the num
ber of defaults around the 200 number for the county. I then looked at the number of Trustees Deeds that have been recorded. This document is recorded at the end of the foreclosure process and is when the bank takes back the property or an investor buys it. This number seems to have sputtered along until about June where it hit 36 and was followed by 40 in July. The next couple months show a small drop off. The final piece of the foreclosure puzzle is how many properties are banks selling after they have taken them back. That is represented by the number of REO deeds that are being recorded. Those numbers coincided with the number of Trustees Deeds. There were a few more of them from June to September. I am going to start comparing these numbers with the number of loans that are adjusting every month. That will begin in October and we'll see what direction that points this market in. I can tell you I have those numbers starting in October 2007 and ending in July 2008 and October and November are the biggest months during that time frame with loans adjusting. Hopefully that means we have peaked when it comes to these troubled properties. Let me hear your comments. See You In Escrow!
ber of defaults around the 200 number for the county. I then looked at the number of Trustees Deeds that have been recorded. This document is recorded at the end of the foreclosure process and is when the bank takes back the property or an investor buys it. This number seems to have sputtered along until about June where it hit 36 and was followed by 40 in July. The next couple months show a small drop off. The final piece of the foreclosure puzzle is how many properties are banks selling after they have taken them back. That is represented by the number of REO deeds that are being recorded. Those numbers coincided with the number of Trustees Deeds. There were a few more of them from June to September. I am going to start comparing these numbers with the number of loans that are adjusting every month. That will begin in October and we'll see what direction that points this market in. I can tell you I have those numbers starting in October 2007 and ending in July 2008 and October and November are the biggest months during that time frame with loans adjusting. Hopefully that means we have peaked when it comes to these troubled properties. Let me hear your comments. See You In Escrow!
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