Foreclosure Radar reported in March that foreclosure rates for Southwest Riverside County dropped for the 22nd straight month, according to an analysis by Eric Wolff, of the North County Times.
The stats show that about 3.1 of every 1,000 borrowers received a notice of default in February of 2012. This is down 8 percent from the previous month and down 22.6 percent from February of 2011, according to Foreclosure Radar.
In addition, only 2.1 of every 1,000 borrowers went into foreclosure in Southwest Riverside County during the month of February. That’s down more than 20 percent from the month before and 22.1 percent less than those who were foreclosed on in February 2011.
At the Rancon Group, we are believers in good news, and this certainly fits the bill. We all know that it comes down to supply and demand and these numbers bode well for a decline in the supply of housing in our area.
As you know, we in Southwest Riverside County have been bouncing along the bottom like all other areas. The thing is we still have the best position in Southern California when the market demand for new housing resumes. With the NODs going down steadily, the foreclosures automatically decrease. The fewer foreclosures we have burdening the market, the better the chances of competition for available housing.
Let the healing begin!