Despite the significant drop in filings of new Notices of Trustee Sale, and an increase in the number of Cancellations, the number of foreclosures Scheduled for Sale still rose. The simple reality is that homeowners are continuing to enter foreclosure faster than they are coming out. This will likely continue until we see meaningful progress on loan modifications, or the often predicted “foreclosure wave” finally occurs.
Note, both Sean O' Toole and myself do not predict a large new foreclosure wave. The political will to prevent that is great and is building every single day. One of the reasons TARP has been extended (and I suspect, one of the reasons the banks were allowed to pay it back so quickly) is because the administration wants to use that money to give to homeowners. They have a blank check and are going to use it.
The above is the breakdown for LA & Ventura County, as with all graphics on my blog you may click to enlarge.