Folsom See’s High Notice of Default’s
There is no easy way to write this. June saw Folsom's second highest month of new Notice of Default's(NOD) filed. There were 77 NOD's filed in June. The highest month has been March 2009 with 86. The earliest they would be sold on the courthouse steps would be September or October.
Folsom's new Notice of Trustee Sale(NOT) for June came in at 46. The highest was again March 2009 at 59. But we have seen at least a few months that they have been higher than 46. The earliest these could be sold at auction would be July and August.
June also saw 28 homes sold back to the bank(foreclosed or REO). The highest is September 2008 with 35 taken back by the banks. From October 2008 till May 2009 Folsom was seeing under 20 homes per month going back to the banks.
If I map all of the distressed properties from NOD, NOT and REO, there is not one area that is immune. It seems fairly evenly spread out across Folsom.
The banks for the most part are taking longer than legally required to go through the foreclosure process. Whether this is due to them trying to work with the homeowners, or because they have so many to deal with I don't know. But if I were to wager a bit, I think it because they are overwhelmed with distressed properties.