They keep saying it's coming. Here is another article I just read that seems to beat the drums
B-Bum B-Bum B-Bum
ForeclosureRadar.com shows that foreclosure sales, that is, either bank repossessions or sales to third parties (usually at the courthouse steps and often to investors) jumped dramatically in January from the previous month. "We have not seen this level of activity on the courthouse steps for months," says Sean O'Toole, CEO and Founder of ForeclosureRadar.com. "The increase in foreclosures is just in time to provide a fresh supply of entry level homes for the spring home buying season."
Something else important to note is the first phase of the foreclosure process, Notices of Default (NODs) in California, fell off in January. "Remember, December was a holiday month, and a holiday moratorium month," says mortgage consultant Mark Hanson. There were only 14-15 work days in December, and 23.5K NODs, that's 1680 per day. In January there were 21 work days and 25.1K NODs. That's only 1195 a day."Bottom line, average daily NOD rate for CA fell from 1680 per day to 1195 per day from December to January, or 29%, according to Hanson. Why are the banks holding off? Likely trying to be ultra-careful to avoid lawsuits, or trying to manage the pipeline as they now pump out the foreclosure sales. One thing we do know, the drop in NOD's is not because the market/economy suddenly turned around. Get ready because they are coming…