Industry NewsMarkets & Economy

Foreclosure sales drop in Western states

REO inventory continues to rise

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Foreclosure sales fell across the Western states in October amid foreclosure suspensions by some lenders, according to a report by foreclosure data company ForeclosureRadar.ForeclosureRadar's monthly reports cover California, Arizona, Nevada, Oregon and Washington. The reports break down foreclosure filings and inventories by state, county, city and ZIP code. Some lenders in ForeclosureRadar's coverage area, namely Ally (GMAC), PNC Financial and Bank of America, announced national foreclosure freezes in early October, the company said, though Ally resumed foreclosure sales on Oct. 18. Sean O'Toole, ForeclosureRadar's CEO and founder, expects the long-term impact of suspensions on the Western markets to be "minimal." He said he is now seeing an emerging scam perpetrated on homeowners. "Much like the cottage industry of loan modification consultants that took up-front fees and provided little in return, we are now seeing consultants promising to overturn for...