Clovis Real Estate News: Clovis Foreclosures Piling Up

Clovis foreclosures, clovis ca foreclosures, clovis reo, clovis bank owned homes

The latest foreclosure report is out and it doesn't look good for Clovis foreclosures. RealtyTrac just released its third quarter California foreclosure report. We'll tell you what this means for Clovis homes, particularly if you're interested in buying a Clovis foreclosure.

Foreclosures Increasing

According to RealtyTrac, foreclosures filings (default notices, scheduled auctions and bank repossessions) set a new quarterly record, up 23% in the third quarter from 2008. Instead of shrinking from the last quarter like many had hoped, there was a 5% increase in filings from the last quarter. In fact, 1 in every 136 U.S. housing units received a foreclosure filing — the highest quarterly foreclosure rate since RealtyTrac began issuing its report in 2005.

Believe it or not, some have actually tried to spin the foreclosure report toward the positive. Yes, September did post a 4% decrease in foreclosure filings from August. But let's put that in perspective. It's still a 29% increase from from September 2008. And despite the monthly decrease, September’s total was still the third highest monthly total since the RealtyTrac report began, behind only July and August of this year. We don't see how anyone could find much of a positive in that.

California Foreclosures

California, Florida, Arizona, Nevada, Illinois and Michigan accounted for 62% of the nation’s total foreclosure activity in the third quarter, with California accounting for nearly 27% of the nation’s total. While CA's foreclosure activity decreased about 2% this past quarter thanks to a 10% drop in default notices, scheduled auctions increased 4% and REOs increased 12% from the previous quarter. That signals more bad news in the near future for California foreclosures.

Clovis Foreclosures

There continues to be a large supply of Clovis foreclosures on the market. Although Clovis foreclosures sell very quickly, once a foreclosure is sold, it's replaced with another one in waiting. Here's why. According to RealtyTrac, there are 1,264 distressed Clovis homes which looks like this:

Bank owned Clovis homes: 379
Clovis houses up for auction: 363
Clovis home defaults: 522
Clovis foreclosures for sale: 39

Get Clovis Foreclosures Automatically

You can search all Clovis foreclosures for sale here or we can send you foreclosures in Clovis as soon as they come on the market. Just sign up for our automated email here. You can also learn how to buy a Clovis foreclosure here or read our Clovis foreclosure tips (not every Clovis foreclosure is a good deal).