The number of Anaheim Hills foreclosures as well as many others across the state of California was lower last quarter. This is thought to be due to the housing market becoming more stable and policy changes by mortgage providers. From April to June the number of Notices of Default recorded was 56, 633 or 17% lower than the previous quarter in which 68,239 were recorded. The number is down from the second quarter 2010, when 70,051 notices were recorded. Slowly declining numbers have led to a lot of speculation as to why they are down. From politics to lenders temporarily holding back on the foreclosures to prevent flooding the market, the reason is not readily apparent. However, one thing is known for sure – foreclosures are highest when prices decline.
Anaheim Hills foreclosures currently appear to be from the 2005 to 2007 period. The average sales price of homes within the state was $250,000 in the second quarter of 2011, which is 7.4% less than a year earlier when the median price was $260,000. Foreclosures in the first quarter of 2009 peaked when median prices were at a low of $227,000 compared to $375,000 during the first quarter of 2008.
Notices of default that were recorded for Anaheim Hills foreclosures as well as other Orange County properties were at 3,705 in the second quarter of 2011. This is down from the second quarter of 2010 when they numbered 4,313 for a decline of 14.1%. The actual number of homes that were lost to foreclosure for the second quarter of 2011 was 1,887. During the same quarter of 2010, there were 2,223 homes lost to foreclosure. This shows a decline of 15.1% from 2010 to 2011.
Within the state ‘short sales’ where the sale price was less than what was owed on the property were approximately 17.4% of last quarter’s sales. This was down from 18.9% a year earlier. However, it was higher than the second quarter of 2009 when short sales were approximately 12.6% of all sales. Anaheim Hills foreclosures among others in the state took an average of 10 months to go from the Notice of Default to the actual sale.
The increase in the amount of time, which was 9.1 months a year earlier, is thought to be due to lenders being backlogged and regulatory challenges. In addition, the time needed by homeowners to pursue options other than foreclosure such as loan modifications and short sales contributed to the increase.