According to Foreclosure Radar, Notice of Default filings are down from last month and last year for Contra Costa and Alameda Counties. Although this shows defaults are down, Notice of Sale filings are up from last month and last year. This tells us that fewer people may have defaulted on their loans last month but more banks have accelerated the foreclosure process from those who have defaulted in the last 6 months. The likely outcome of most of those Notice of Sale filings will be the bank buying back the property and having it as part of the REO inventory.
We expect Notice of Defaults to remain high throughout 2011 as more loans re-adjust and as employment numbers vary. Contra Costa and Alameda counties will likely see higher end home areas increase in defaults, thus price adjustments in this price level.
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