California Foreclosure Auction Sales Show 40-50% Discounts From Prior Sales

From a recent report by ForeclosureRadar it was show that: In April,it took California lenders an average of 140 days from Notice ofDefault to the property being sold at auction.Average discounts at auction were 25%, but nearly half of allproperties taken to auction offered discounts of 30% or more from thecurrent loan balance. The majority of these loans were 80% LTV firstmortgages, making discounts of 40 to 50% from the prior sales pricecommon in many parts of the state.The largest discounts offered inmajor Southern California counties were in Santa Barbara (29 percent)and Riverside (28 percent). *To read the full post, please visit the San Diego California real estate blog