Foreclosure Sales in Murrieta Down 37% In Year

Sales of foreclosed homes in Murrieta fell slightly last month, in line with declines seen on the county and state levels, a real estate tracking firm reported Tuesday.

Bay Area-based ForeclosureRadar.com's monthly report shows that a total 72 repossessed properties were sold in Murrieta in February, compared to 76 in January—a 5 percent drop.

In neighboring Temecula, 58 foreclosed homes were sold in February, down from 59 in January.

Foreclosed homes sold in Lake Elsinore last month numbered 36, down from 62 in January, a 41 percent difference.

In Wildomar, 15 foreclosed homes were sold in February, down from 26 in January for a 42 percent dip.

Riverside County fell significantly last month, dovetailing with a double-digit decrease in auctions statewide, the website reported.

The monthly report shows that a total 1,141 repossessed properties were sold countywide in February, compared to 1,421 in January—a 19 percent dip.

The county's foreclosure sales were down 23 percent from a year ago, when 1,482 homes ended up on the auction block.

In Murrieta, foreclosure sales were down 37 percent from February a year ago.

In California, sales of distressed properties sank 22 percent in February, and compared to a year ago, were down 23 percent.

ForeclosureRadar.com founder Sean O'Toole said the foreclosure "wave" that some observers had predicted this year was nowhere in sight. He warned, however, that laws in California and Nevada intended to delay eviction proceedings in preference to giving defaulting mortgagors an opportunity to work out loan modifications risked prolonging the foreclosure crisis.

"While I believe banks should be strongly encouraged to work with homeowners who fall behind, there will be uncooperative homeowners," O'Toole said. "Passing laws to essentially eliminate foreclosures ... is likely to do more harm than good. The pendulum of regulation is once again swinging too far."

—Maggie Avants contributed to this report.