By allowing ads to appear on this site, you support the local businesses who, in turn, support great journalism.
Manteca foreclosures cut in half
Late payments, forced sales lowest point since 2009
foreclosure1
Mantecas foreclosure rate appears to be dropping. - photo by HIME ROMERO

Thirty-six Manteca homeowners received notices of default after they fell 90 days behind on mortgage payments in November.

It is the lowest level in 37 months. It was also 50.68 percent less than in November of 2011 when 73 homeowners received notices of default that are a precursor to actual foreclosure.

Meanwhile actual homes that went to a foreclosure sale in Manteca during November were 38. That was 47.22 percent less than a year prior when November of 2011 had 72 such sales.

The data gleaned from courthouse filings suggests that the foreclosure tsunami that has ravaged Manteca since 2006 is losing steam.

Of the homes that sold in November, it took them on average 241 days to complete the foreclosure process. That is 59 days quicker than a year prior.

One statistic that has mixed implications is the loan origination dates of the 74 homes in Manteca that either got a notice of default or a notice of sale in November. Twenty-seven of them were for loans made after the housing market started collapsing in 2006. That means for some reason other than balloon payments - a loan type that virtually disappeared for homes after 2006 - or “liar loans” the owners have gone into default. There is no distinction in the data collected between an investor owned home and one that is owner occupied.

The rest of the loans that defaulted all occurred in the hyper-portion of the housing market from 2004 to 2006. None of the loan origination dates were any earlier than the first quarter of 2004.

Similar although weaker trends are detectable in the Ripon and Lathrop markets.

Notice of defaults dropped 46.43 percent from November 2011 (28) to November 2012 (15) in Lathrop. The notices of sales were down 4.55 percent to 21 homes in November 2012.

Ripon’s notice of defaults is up 20 percent over a year’s time going from 10 in November 2011 to 12 in November 2012.  While the November filings are twice that of the previous months, it’s been 10 months since the filings topped 15 homes in any given month. Actual notices of sales dropped 63.1 percent over the year going from 19 to 7.