Murrieta Foreclosure Sales Drop 53 Percent in March

There were 34 repossessed Murrieta properties sold in March, down from 73 in February—a 53-percent drop, according to a report from ForeclosureRadar.com.

Foreclosure sales in Murrieta and Riverside County as a whole continued their double-digit slide last month, reflecting a general decline in auctions statewide, according to a real estate tracking firm.

Bay Area-based ForeclosureRadar.com's monthly "Foreclosure Report" showed 873 repossessed properties were sold countywide in March, compared with 1,157 in February—a 24 percent dip. That followed a 19-percent drop between January and February.

There were 34 repossessed Murrieta properties sold in March, down from 73 in February—a 53-percent drop.

Forty-one foreclosed homes were sold in Temecula in March, down from 58 in February for a 29-percent dip.

The county's foreclosure sales were down 58 percent from a year ago, when 2,103 homes ended up on the auction block.

Murrieta's foreclosure sales were down 70 percent from March a year ago. In March 2011, 115 repossessed properties were sold.

Temecula saw a 61-percent drop in foreclosure sales from last March.

In California, sales of distressed properties sank 16 percent in March, and compared to a year ago, were down 53 percent.

ForeclosureRadar.com founder Sean O'Toole said that even though "far too many homeowners" are in default on their loans, banks are unlikely to step up evictions.

"To reach the conclusion that there will be a 'wave' of foreclosures, you have to assume that the banks either want to foreclose—they don't—or will be forced to foreclose—they won't," O'Toole said.

"In September 2008 the rules of the game were changed to help the banks remain solvent, and since then it has been in their best interest to find reasons to delay foreclosures through whatever means necessary. I don't see that changing anytime soon."

Riverside County was still listed among the top counties in the state for foreclosures, and Murrieta and Temecula were among the top in the county, according to the website.

—Maggie Avants contributed to this report.

betsylavoie April 15, 2012 at 06:19 AM
As a general rule, if you can shave at least a half point off your current interest rate, it is a good idea to refinance. If you currently have a home mortgage above 7%, the time is now to make a change. Look online for "Official Refinance" they gave me the lowest rate than everybody else which is 2.97%.
Don Lambert April 15, 2012 at 07:39 AM
Some of us need clarification. Foreclosure is widely used two different ways. 1. At some time after the formal notice of default is filed (but no sooner than three months plus three weeks) someone holds a "public auction", traditionally on the courthouse steps. Often there was no one there to bid, now a days there may be. The buyer had to have all cash or cashiers checks for the entire amount. Ususally no one got to see inside the house first. The home loan lender or bank usually bid in the amount that was owned to them and so that was the minimum bid. An investor might bid a little more. 2. The second way "sales of foreclosed homes" I would guess that is used to show how many homes that had previously been legally foreclosed and were now owned by the lender and probably shown and sold through a real estate office to a member of the public having obtained a new loan, either to live in, or spruce up and resale higher. I guess that with careful reading of this article the two different usages are indentifiable.
Don Lambert April 15, 2012 at 08:56 AM
Now with another look at the issue of foreclosed homnes one person might say "the number of foreclosure sales". meaning my number one definition. Another person might say the same words and mean my number two definition. So I think several more words of what these diferent statistic releases are about would be helpful.
Don Lambert April 15, 2012 at 09:27 AM
Several months ago there were newspaper accounts about the walkway or steps of the old county courthouse in downtown Riverside city being obstructed by all the crowds coming to the frequent "foreclosure sales" of homes in Riverside County. I have seldom been to a court house for anything, but I was at the main courthouse in San Diego a while back to observe a court proceeding. The scene in front was interesting. I will try to post a couple pictures here. There was a crowd of thirty or forty persons interested in the " actual foreclosure sale" where a person was reading from a list of addreses and taking live bids going up $100 at a time. They are at the left in one picture and in the background in the other picture. Along side the building there was a long line of persons waiting to go through the metal detector to go inside the courthouse. It went from the doorway down courthouse sidewalk out to the street sidewalk. In the center of thecourthouse sidewalk a group of persons hoilding policitcal signs (Prop 19) gathered momentarily to be in this picture. They had been standing alongside the curb to be seen by passing motorists, and went back to the curb after this picture. Not visible in the picture was a deputy sheriff from Arizona with his horse on the sidewalk at the curb. He was a member of L.E.A.P and had signs on his horse in favor of Prop 19. (L.E.A.P = Law Enforcement Against Prohibition) It was an interesting sight!


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