Foreclosure activity and inventory continues to fall in Fresno County and other markets nationwide contributing to what some experts are calling an “inventory crisis” of homes for sale, according to a report from ForeclosureRadar, which tracks foreclosures.
In November, 374 notices of default – the first step in the foreclosure process – were filed in Fresno County compared to 434 the month before. Notices of sales are slightly down as well to 422 compared to 473 in October.
Cancellations have been on the rise since October as more homeowners turn to short sales or received loan modifications that have allowed them to keep their homes, the report said.
In Fresno County, 335 foreclosure sales were canceled compared to 315 in October and 181 in September.
Fewer foreclosures and more cancellations mean inventory is down. Fresno County’s foreclosure inventory fell by about 5% last month to 1,812 compared to 1,918 the month before. The number of foreclosed properties for sale is down to 1,341 compared to 1,548 in September.