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Foreclosure Sales Tumble Across Riverside County

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(credit: Kevork Djansezian/Getty Images)

(credit: Kevork Djansezian/Getty Images)

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 ForeclosureRadar.com 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.

ForeclosureRadar.com 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 This material may not be published, broadcast, rewritten, or redistributed.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.)

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