California Foreclosure Auctions Reach Record High
Published April 10th, 2007
Discovery Bay, California-based Foreclosure Radar, a foreclosure listings and software company, says the state of California has experienced a 264 percent increase in the number of foreclosed homes sold at auction in just the last six months.
“Foreclosures sold at auction now account for 15 percent of all home sales in California and continue to rise,” said Sean O’Toole, CEO and founder of Foreclosure Radar. “This isn’t just a story about failing subprime lenders and their customers. At the current pace, foreclosures will be a significant part of the real estate economy. A fact which bears close scrutiny even in areas that are not yet affected.”
The company also said 5,316 foreclosures were auctioned in March — a 27 percent increase when compared to the month of February.
