Industry NewsMarkets & Economy

Foreclosure sales bounce back in West

REO inventories swell in California, Arizona, Nevada, Washington
Published on Feb 15, 2011

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Foreclosure sales bounced back in January in five Western states to levels not seen since robo-signing moratoriums went into effect last fall, data aggregator ForeclosureRadar said in issuing its latest monthly report.

There were significant increases in foreclosure sales in Arizona, California, Nevada, Oregon and Washington, both in terms of properties that went back to the bank when no acceptable bids were put forward, and also in sales to third parties on the courthouse steps.

With the exception of Oregon, real estate-owned (REO) inventories of bank-owned properties swelled in January in the states where ForeclosureRadar tracks filings, as banks took back more homes than they sold.

In California, for example, banks repossessed 14,068 homes, up 51 percent

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