Foreclosure Sales Drop by Double Digits Countywide

RIVERSIDE - Sales of foreclosed homes in Riverside County fell significantly last month, dovetailing with a double-digit decrease in auctions statewide, a real estate tracking firm reported today. Bay Area-based ForeclosureRadar.com's monthly report shows that a total 1,141 repossessed properties were sold countywide in February, compared to 1,421 in January -- a 19 percent dip. The county's foreclosure sales were down 23 percent from a year ago, when 1,482 homes ended up on the auction block. In California, sales of distressed properties sank 22 percent in February, and compared to a year ago, were down 23 percent. ForeclosureRadar.com founder Sean O'Toole said the foreclosure ''wave'' that some observers had predicted this year was nowhere in sight. He warned, however, that laws in California and Nevada intended to delay eviction proceedings in preference to giving defaulting mortgagors an opportunity to work out loan modifications risked prolonging the foreclosure crisis. ''While I believe banks should be strongly encouraged to work with homeowners who fall behind, there will be uncooperative homeowners,'' O'Toole said. ''Passing laws to essentially eliminate foreclosures ... is likely to do more harm than good. The pendulum of regulation is once again swinging too far.''