Fresno Bee Newsroom Blog

Real Estate: Foreclosure activity down in May, PropertyRadar report says

Foreclosure activity in Fresno and California fell in May for the first time since January, a monthly foreclosure report said.

New federal guidelines on how to handle mortgages going into foreclosure slowed or stopped foreclosure sales in May while lenders digested the requirements, said Madeline Schnapp, economist for PropertyRadar, formerly ForeclosureRadar, the Truckee-based foreclosure listing service.

The Office of the Comptroller of the Currency sent a letter in April to the banks it oversees with a set of 13 questions employees must ask when reviewing a home in foreclosure.

“The purpose of this guidance is to ensure that borrowers will not lose their homes without their files receiving pre-foreclosure sale reviews,” the letter said.

Last month, 287 notices of default, the first step in the foreclosure process, were filed in Fresno County compared to 305 the month before, according to PropertyRadar’s report released Wednesday.

Foreclosed properties that were returned to the bank after auction, also known as real-estate-owned or REO property, also fell in May to 48 compared to 95 in April.

Foreclosure Filings
Foreclosure Filings: California > Fresno County
Foreclosure Outcomes
Foreclosure Outcomes: California > Fresno County

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