Santa Clara County Foreclosures

Posted on August 18, 2008
Filed Under Foreclosure Homes | Leave a Comment

In July 2008 borrowers lost five times the number of mortgaged houses to foreclosures than during the same month in 2007. It indicates worse time ahead with no good signs to relieve the gloom. Those not threatened by foreclosures are affected indirectly because of the fall in the value of their houses.

Lenders foreclosed on 646 house owners in Santa Clara County in July this year according to the findings of ForeclosureRadar. It tracks foreclosures in the state. The total amount of mortgage loans, including those in foreclosure, is worth $346 million.

In the state there were 28,795 foreclosure postings in July 2008 that calculated to a loan amount of $12.55 billion. For a single month this is a record. Since the beginning of 2007 the lenders have foreclosed upon $100 billion in loans reported Sean O’Toole of ForeclosureRadar.

The one ray of sunshine trickling in through the clouds of foreclosure is that the numbers of default notices have declined for the third running month – both in the state and Santa Clara County. But perhaps the news is not much to crow about because Countrywide has stepped back in filing foreclosure because of it being bought over by the Bank of America. Except for Countrywide the number of foreclosures undertaken by other lenders are more or less the same. Thus no conclusions should be arrived at studying the foreclosure position of the past three months. It does not indicate whether a peak has been reached or not.

Mortgage lenders sent borrowers of Santa Clara County 1,444 foreclosure notices in the past month. It is a decrease from the peak of April counting to 1,412 foreclosure related default notices. New default notices are less in number but time alone can tell whether they will be able to avoid foreclosure or not. In Silicon Valley the value of property is rapidly falling. This makes it difficult for those under threat from foreclosures either to refinance or to sell off the units. From the present mood of the market it seems that nearly 90% of the foreclosed units will be sold off at court auctions. Typically 50% of the units are sold in an ordinary year. There are an unprecedented number of trustee sales matching the default figures. Property value in San Jose metropolitan region dropped by 12% in the second quarter as compared to 2007.

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