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August 2, 2014

What ‘Foreclosure Wave?' Not in the Western U.S.

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What ‘Foreclosure Wave?' Not in the Western U.S.

The West coast has been one of the epicenters to the foreclosure crisis. But lately, several western states are seeing big drops in distressed properties and foreclosure starts. 

Foreclosure starts in California, for example, were down 23.6 percent from July to August and decreased nearly 50 percent from one year ago, according to ForeclosureRadar, which monitors foreclosures in five Western states. In Arizona, foreclosure starts were down 16.1 percent from a year ago.

In Nevada, notices of default in August were down 68.7 percent from a year ago. 

"We continue to see reports that there will be a wave of foreclosure sales after the election or at the start of the year," says Sean O’Toole, ForeclosureRadar CEO. "The lack of foreclosure starts this month puts a nail in the coffin of this theory. There will be no wave of foreclosures for at least five months. The good news for investors and first-time buyers is that foreclosure sales have at least remained flat, continuing to provide some opportunities in the meantime."

Source: ForeclosureRadar and “Western states see decline in foreclosure starts,” Inman News (Sept. 11, 2012)