February California Foreclosure Report
FORECLOSURE STARTS UP NEARLY 20% IN CALIFORNIA
Despite foreclosure inventories, foreclosure sales drop
Discovery Bay, CA, March 15, 2010 - ForeclosureRadar (www.foreclosureradar.com), the only website that tracks every California foreclosure and provides daily auction updates, issued its monthly California Foreclosure Report for February 2010. After reaching the lowest level in a year last month, Notice of Defaults, the start of the foreclosure process, increased by 19.7 percent in February. The number of properties scheduled for foreclosure sale remained near record levels, yet foreclosure sales, either Back to Bank or Sold to 3rd Parties, dropped by 11.9 percent total.
A New Chapter for Bankruptcy
An interesting article about the failures of the current bankruptcy system in dealing with the current mortgage crisis
MORTGAGE DELINQUENCIES HIT NEW RECORD
More news from the American Bankruptcy Institute
MORTGAGE DELINQUENCIES HIT NEW RECORD
TransUnion reported yesterday that customers at least 60 days past due on their mortgage payments rose to a new record in the fourth quarter, the Associated Press reported today. The credit data provider said that 6.89 percent of mortgage borrowers were at least two months behind on payments during the fourth quarter. It was the 12th straight quarter the delinquency rate rose. The delinquency rate, which is seen as a precursor to foreclosures, was 6.25 percent during the third quarter and 4.58 percent during the final quarter in 2008. In addition, customers at least three months late on making a credit card payment rose to 1.21 percent during the final three months of 2009. However, average credit card debt fell to $5,434 from $5,729 during the same quarter a year earlier. While mortgage and credit card delinquencies continued to worsen, auto delinquencies improved. The 60-day delinquency rate on auto loans fell 6 percent in the fourth quarter to 0.81 percent, compared with the same quarter a year earlier. The delinquency rate was unchanged from the third quarter.
MORTGAGE DELINQUENCIES HIT NEW RECORD
TransUnion reported yesterday that customers at least 60 days past due on their mortgage payments rose to a new record in the fourth quarter, the Associated Press reported today. The credit data provider said that 6.89 percent of mortgage borrowers were at least two months behind on payments during the fourth quarter. It was the 12th straight quarter the delinquency rate rose. The delinquency rate, which is seen as a precursor to foreclosures, was 6.25 percent during the third quarter and 4.58 percent during the final quarter in 2008. In addition, customers at least three months late on making a credit card payment rose to 1.21 percent during the final three months of 2009. However, average credit card debt fell to $5,434 from $5,729 during the same quarter a year earlier. While mortgage and credit card delinquencies continued to worsen, auto delinquencies improved. The 60-day delinquency rate on auto loans fell 6 percent in the fourth quarter to 0.81 percent, compared with the same quarter a year earlier. The delinquency rate was unchanged from the third quarter.
TOTAL BANKRUPTCY FILINGS INCREASE 32 PERCENT IN 2009, APPROACH PRE-BAPCPA LEVELS
News from the American Bankruptcy Institute
TOTAL BANKRUPTCY FILINGS INCREASE 32 PERCENT IN 2009, APPROACH PRE-BAPCPA LEVELS
Total bankruptcy filings in the United States increased 32 percent in 2009 over calendar year 2008, according to data released today from the Administrative Office of the U.S. Courts (AOUSC). Bankruptcy filings totaled 1,473,675 for the 12-month period ending Dec. 31, 2009, a significant increase over the previous year’s total of 1,117,641. Business bankruptcies increased to 60,837 filings during calendar year 2009, representing a 40 percent increase in filings from the 43,533 filings made during the 12-month period ending Dec. 31, 2008. The 12-month business filing total for 2009 was the highest since the 62,304 filings recorded for the 1993 calendar year. The 1,412,838 consumer filings during the 2009 calendar year represented a 32 percent increase over the 1,074,225 recorded during the same period in 2008. The consumer chapter 7 total of 1,008,870 filings during the 12-month period ending Dec. 31, 2009, represented a 41 percent increase over the 714,389 consumer chapter 7 filings during 2008. The 2009 consumer chapter 7 filings comprised 71 percent of the total consumer filings for the 2008 calendar year, up from 67 percent the previous year. Click here to read the press release.
TOTAL BANKRUPTCY FILINGS INCREASE 32 PERCENT IN 2009, APPROACH PRE-BAPCPA LEVELS
Total bankruptcy filings in the United States increased 32 percent in 2009 over calendar year 2008, according to data released today from the Administrative Office of the U.S. Courts (AOUSC). Bankruptcy filings totaled 1,473,675 for the 12-month period ending Dec. 31, 2009, a significant increase over the previous year’s total of 1,117,641. Business bankruptcies increased to 60,837 filings during calendar year 2009, representing a 40 percent increase in filings from the 43,533 filings made during the 12-month period ending Dec. 31, 2008. The 12-month business filing total for 2009 was the highest since the 62,304 filings recorded for the 1993 calendar year. The 1,412,838 consumer filings during the 2009 calendar year represented a 32 percent increase over the 1,074,225 recorded during the same period in 2008. The consumer chapter 7 total of 1,008,870 filings during the 12-month period ending Dec. 31, 2009, represented a 41 percent increase over the 714,389 consumer chapter 7 filings during 2008. The 2009 consumer chapter 7 filings comprised 71 percent of the total consumer filings for the 2008 calendar year, up from 67 percent the previous year. Click here to read the press release.
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