Saturday, October 23, 2010

Impact of BofA Foreclosure Moratorium on North San Diego County

by Bill McBride on 10/23/2010 01:52:00 PM

Some interesting data for just one small area ...

BofA Moratorium Impact Click on graph for larger image in new window.

Graph from North County Times and shows the impact of the BofA foreclosure moratorium on repossessions in a non-judicial area.

This is just in the North San Diego and Southwest Riverside counties.

From Eric Wolff at the NC Times: Foreclosure moratorium takes hold locally

In the first week of the moratorium, starting Oct. 12, the number of houses foreclosed in the region plummeted 27 percent from the previous week, to 173 foreclosure sales, according to ForeclosureRadar.

Much of the drop can be attributed to Bank of America's subsidiary ReconTrust NA, which handled 23.7 percent of the region's foreclosures in 2010.
The "foreclosure-gate" scandal had no impact on existing home sales in September (to be released this coming Monday), but will probably have an impact on closed sales in October.