Folsom Foreclosures for January
Folsom foreclosure activity is still strong. January saw 47 Notice of Defaults(NOD) filed and 38 Notice of Auction(NOT) filed. Last year same time we had 55 NOD’s and 23 NOT’s.
If you look at the chart below you can see the outcome of the NOT(auction). When it says “sold to bank” that means that the bank took it back(foreclosed). Sold to third means someone went to the courthouse steps and bought the property. Canceled means that the bank canceled the sale, possibly working out loan modification with the sellers, or perhaps it is in a short sale and the bank is giving time for the short sale to be completed. What is interesting in this graph is that there are more cancellations, perhaps owing to more banks trying to work out something with the owner of the property.
Folsom’s foreclosures based on loan balance shows that the largest amount of foreclosures are in the $300,000 to $400, 000 range.
Here are the estimated values of the Folsom foreclosures for January 2010. Note how the values of the homes being sold are in the range of $400,000 range, but average loans (above) are between $500,000 and $600,000.