Wednesday, November 11, 2009

Orange County: Foreclosure Notices Hit Record High

by Bill McBride on 11/11/2009 08:47:00 AM

Matt Padilla at the O.C. Register writes: Foreclosure notices hit record 8,800

Foreclosure Notices Click on graph for larger image in new window.

Graph from O.C. Register.

ForeclosureRadar.com reports that outstanding foreclosure auction notices in Orange County rose to 8,895 at the end of September, the highest in this housing downturn and probably the highest ever.

September’s total was up 5% from August and 90% from a year ago.
Padilla provides a second graph (see his article) of 90 day delinquencies, foreclosures and REOs. He writes:
[The second] chart shows that the ratio of borrowers having missed at least three monthly payments is at nearly 7% and has risen every month for more than three years.

It’s incredible that while so many mortgages are delinquent, banks are only holding 0.26% of first mortgages as REOs.
Loans in the trial modification period are still considered delinquent, so that might explain some of the increase in 90+ day delinquencies. But that doesn't explain the continuing surge in foreclosure notices.