Loss Mitigation

California Foreclosure Sales up 32% in May 

Foreclosure sales in California rose 31.9% in May after jumping 35% the month before, according to a survey by ForeclosureRadar. The service, which tracks each foreclosure in the state, noted 30% fewer foreclosures went to sale at auction from the same time last year. The total auction sales in May — 17,871 properties — represented more than $8bn in total loan value, although the majority — 83% — of these sales started at an opening bid at an average 58.6% of the loan value, according to the survey.