Foreclosure Sales Tumble Across Riverside County

RIVERSIDE (CBS) — The number of foreclosed homes auctioned off in Riverside County fell in February, a real estate tracking firm reported on Wednesday.

Last month’s “Foreclosure Report” from showed a total 1,482 repossessed properties were sold in Riverside County, compared to 1,843 in January — a 23 percent decline.

(Photo by Kevork Djansezian/Getty Images)

In California, 13,227 foreclosure sales were recorded in February, compared to 17,346 in January, a 23 percent drop. Sales were lower by 13 percent from February 2010, figures showed. founder Sean O’Toole attributed the overall slide statewide to the shortest month of the year — and thus fewer days for foreclosure filings — along with an ongoing hesitancy on the part of lenders to push ahead with auctions in the wake of last fall’s “robo-signing” scandal.

Robo-signing allegedly involved banks cutting corners in processing tens of thousands of foreclosure documents, failing to vet them closely, leading to doubts about equity, the validity of claims and other issues, according to published reports.

“We will likely see more sluggish foreclosure activity in the months ahead while lenders continue to work through lingering concerns over foreclosure documentation and deal with process changes,” O’Toole said.

(©2010 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services contributed to this report.)


One Comment

  1. John says:

    Let’s see 21 business days in January/ foreclosures sold equals, 826 per day. 20 business days in February/ foreclosures sold, equals 661 sold. There was only one less day to do business in February, but this expert wants to place blame on the number days in a month. Accept the fact that less people bought foreclosures in the month for the real reason, the economy, not the days in the month. By the way, both months had one legal holiday.

Leave a Reply

Fill in your details below or click an icon to log in:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS Los Angeles

KNX 1070 Newsradio

Listen Live