Foreclosure sales in California increased almost 32% in May. Sadly, this foreclosure increase had jumped over 35% in April as well. There were over 17,870 Trustee's Sales (final auction sales) in May alone. These properties represented more than $8 billion in total loan balances.

Over 80% of these properties started at an opening bid price at the final Trustee's Sale at an average price of close to 58% of the loan value. This means that the majority of lenders were losing a lot of money at the Trustee's Sales as their opening bid prices were just 58% of their current outstanding loan balance (plus all late fees, legal fees, and Trustee fees).

Of the foreclosures scheduled in California in recent times, lenders postponed the scheduled Trustee Sales almost 40% of the time. However, since May, lenders only postponed a record low 6% of their scheduled foreclosure sales after the California foreclosure moratorium was lifted in March. As a result, there are more upcoming foreclosures scheduled, lenders are postponing less, and the buying opportunities continue for those investors who have the access to cash.

In 97% of all Trustee's Sales, there are no third party bidders (investors) so the properties then revert back to the banks. Our "Find and Fund" foreclosure system (please click on the "Trustee Auction" tab on this same website) finds the best foreclosure deals out there, and we may provide up to 75% of the purchase money as a Stated Income loan.