Scheduled foreclosure auctions soar in California
Banks in November scheduled more than 26,000 homes to be sold at California foreclosure auctions, a 63% increase from October and a sign that a surge in discounted, bank-owned properties is on track to hit the market next year.
The uptick in scheduled auctions follows an increase last summer in homes entering the foreclosure process by receiving default notices and was largely driven by Bank of America . It appears that many of those homes are now quickly working their way through the process, said Daren Blomquist, a spokesman for RealtyTrac of Irvine, a data tracker that published the November data.
The increase played out nationally, hitting a nine-month high, even as overall foreclosure notices declined last month. Among the states, California had the biggest month-over-month increase in scheduled auctions, followed by Washington, 56%; Ohio, 53%; New Jersey, 44%; and New York, 38%.
"November's numbers suggest a new set of incoming foreclosure waves, many of which may roll into the market as [foreclosures] or short sales sometime early next year," said James Saccacio, co-founder and chief executive of RealtyTrac.
The rest of the top 10 worst foreclosure markets is dominated by California, Florida and Arizona markets. They include: Modesto, Calif.; Phoenix; Miami; Riverside, Calif.; Stockton, Calif.; Merced, Calif.; Orlando and Vallejo, Calif.