“Foreclosure inventory in California continued its steady decline in November, according to data from ForeclosureRadar.
The total number of preforeclosures, foreclosures scheduled for sale, and REOs fell 7.6 percent from October to November and declined by 31.8 percent from a year ago.
ForeclosureRadar said, “the significant decline in foreclosure inventory over the past year has contributed to what some are calling an ‘inventory crisis’ of total homes for sale.”
The company attributes foreclosure cancellations as part of the reason for the decline.
Cancellations rose 4.7 percent from October and spiked 69.9 percent in the past two months. Compared to last year, cancellations are up 34.7 percent.
ForeclosureRadar believes short sales and successful modifications are likely leading to cancellations rather than statutory time frames or filing errors…”
Read the rest of DSNews.com’s article on their website, here: “Report: California’s Foreclosure Inventory Continues to Dry Up“.