More Than 700 Homes Sold in Foreclosure Auction in Santa Cruz

In the periods between the months of July to September, the Santa Cruz County saw a slowing down of foreclosures. However, the total number of foreclosures remained as high as 751 sales according to the Santa Cruz Record. This publication keeps an eye on the data in the Santa Cruz, San Benito and Monterey counties.

In the last quarter, at least 561 houses faced auctioning and at the same time, there were at least, 500 such houses that got default notices within the 3rd quarter this year. This elevated the number of defaults in loan repayments to approximately 1,688 houses. This featured a 12% increase compared to the last year’s records. However, the total number of defaults in the Monterey County was quite high with 4,490.

The mortgage lenders with maximum number of default loans during the months of July to September featured an approx number of 7,583 default loans. There were 5,146 loan defaults with Washington Mutual and Wells Fargo had 4,425 loans. Wachovia, featured a default rate of 12%, and due to this, the default postings for loans numbered to a great amount like 4,237.

These lenders continued rising in sales of foreclosed houses in California. As per the observation of the foreclosure analysts majority people defaulted with their loan repayments in California during the mid and end of 2006. These loans were, primarily made by financial companies including the lenders, who serviced the other loans.

As per the studies of the foreclosure analysts the majority delinquent accounts in California belong to the services like Cal-Western Reconveyance, ReconTrust Company including the Quality Loan Service Corp. most homeowners received a default notice when they had already crossed 5 months of their payments.

This also indicates the fact that the servicing companies are going steady as they do not want to overload the property market in California as excessive foreclosures might just push down the prices of the homes sharply. The sales from the foreclosure auctions in September fell throughout the state by at least 37%.

The number of default notices in totality that the homeowners of Santa Cruz had to receive in 2009 highly increased by 12% and this led to increasing the number of houses to 1,688 as compared to 1,511 houses during the foreclosures last year. At the same time, the number of sales in the auctions of foreclosed houses literally fell by 25% in Santa Cruz within this quarter. The sales of traditional homes increased by 1,750 houses from 1,726 houses.

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