Foreclosure Sales Nearly Double from Prior Year

Discovery Bay, CA, April 13, 2010 - ForeclosureRadar (www.foreclosureradar.com), the only website that tracks every California foreclosure and provides daily auction updates, issued its monthly California Foreclosure Report for for March 2010. Foreclosure sales increased 92.3 percent from the prior year, when most major lenders had voluntary moratoriums in place while awaiting the implementation of the Administration’s Home Affordable Modification Program (HAMP). Foreclosure sales increased 24.2 percent from February, with 79.2 percent of those going Back to Bank and the remainder Sold to 3rd Parties, primarily investors.

“Despite efforts to promote foreclosure alternatives like loan modifications and short sales, the simple reality
is that there isn’t a program for everyone” says Sean O’Toole, Founder and CEO of ForeclosureRadar.com.
“Unravelling trillions in excess debt will take time, and foreclosure is part of the solution, not the problem.”

Discovery Bay, CA, April 13, 2010 - ForeclosureRadar (www.foreclosureradar.com), the only website that tracks every California foreclosure and provides daily auction updates, issued its monthly California Foreclosure Report for for March 2010. Foreclosure sales increased 92.3 percent from the prior year, whenmost major lenders had voluntary moratoriums in place while awaiting the implementation of theAdministration’s Home Affordable Modification Program (HAMP). Foreclosure sales increased 24.2 percentfrom February, with 79.2 percent of those going Back to Bank and the remainder Sold to 3rd Parties,primarily investors.
“Despite efforts to promote foreclosure alternatives like loan modifications and short sales, the simple realityis that there isn’t a program for everyone” says Sean O’Toole, Founder and CEO of ForeclosureRadar.com.”Unravelling trillions in excess debt will take time, and foreclosure is part of the solution, not the problem.”

Foreclosure Filings

Notice of Default
Prior Month	Prior Year
3.75%	-44.59%
Notice of Trustee Sale
Prior Month	Prior Year
17.50%	-3.10%

Notice of Default filings dropped substantially in March from the prior year. Last year, filings reached recordlevels when lenders caught up on a backlog of filings after delays caused by new notice requirementsintroduced in California Senate Bill 1137.

8-Oct	8-Nov	8-Dec	9-Jan	9-Feb	9-Mar	9-Apr	9-May	9-Jun	9-Jul	9-Aug	9-Sep	9-Oct	9-Nov	9-Dec	10-Jan	10-Feb	10-Mar
17361	21857	43974	40580	49799	58623	47337	42203	47093	47530	37063	38175	36534	30478	27200	25904	31309	32484
26402	28468	28449	24890	21147	34559	31556	43355	30711	40757	34224	33112	38558	28170	28475	27220	28501	33489

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Foreclosure Outcomes

Back to Bank (REO)
Prior Month	Prior Year
28.14%	66.33%
Cancellations
Prior Month	Prior Year
20.21%	159.97%
Sold to 3rd Party
Prior Month	Prior Year
11.04%	266.00%

3rd Party purchases at foreclosure sales hit a new record in March, crossing 4,000 properties for the firsttime with the combined purchases totaling more than $840 Million. The increase in cancellations appears tobe primarily driven by filing errors, as evidenced by an early cancellation or by statutory requirement asevidenced by the sale being postponed beyond the maximum time allowed under law. Still more than half ofthe 16,513 cancellations occurred mid-foreclosure indicating a likely loan modification or short sale.

8-Oct	8-Nov	8-Dec	9-Jan	9-Feb	9-Mar	9-Apr	9-May	9-Jun	9-Jul	9-Aug	9-Sep	9-Oct	9-Nov	9-Dec	10-Jan	10-Feb	10-Mar
13296	15267	15608	14533	16419	9201	12145	15864	19713	14632	14367	13155	16018	14165	12471	13943	11943	15304
11281	8302	6445	6717	6904	6352	6707	7162	8674	10818	10004	8660	8757	10487	13287	13859	13737	16513
825	952	833	893	1266	1094	1653	2305	2694	2691	3285	3411	3960	3683	2629	3707	3606	4004

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Foreclosure Inventories

Preforeclosure
Prior Month	Prior Year
12.59%	12.06%
Scheduled for Sale
Prior Month	Prior Year
-2.47%	71.95%
Bank Owned (REO)
Prior Month	Prior Year
-1.36%	-26.52%

Despite the increase in Notice of Default filings in February, our estimated number of properties in Preforeclosure dropped 8.0 percent due to the relatively high number of Notice of Trustee Sale filings. Properties exiting the foreclosure process nearly matched the number of new Notice of Trustee Sale filings,leaving the number of properties Scheduled for Sale in February flat compared to January. Year-over-year, the increase in properties Scheduled for Sale is a dramatic 126.3 percent, as more and more homeowners have found themselves on the brink of foreclosure. Banks continue to resell their Bank Owned (REO) property in a timely manner, with their inventories also flat from January to February.

8-Oct	8-Nov	8-Dec	9-Jan	9-Feb	9-Mar	9-Apr	9-May	9-Jun	9-Jul	9-Aug	9-Sep	9-Oct	9-Nov	9-Dec	10-Jan	10-Feb	10-Mar
114067	96534	112078	130550	159215	179412	185603	174243	186060	175283	171841	169860	154905	157288	146941	152322	140126	157768
59695	64237	67841	69374	64177	82390	92002	111824	113141	124874	131300	140382	149456	151573	147570	145977	145260	141669
148814	147090	141176	137331	135488	122901	112792	107762	106139	100206	98829	95479	93926	93595	89119	90510	91550	90302

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Foreclosure Discounting

The courthouse steps remain highly competitive with discounts to market value dropping from 17.5 percent in January to 15.2 percent in February. Despite fewer foreclosure sales overall in February, as well as smaller discounts due to competitive bidding, 3rd party investors purchased more foreclosures, at 23.2 percent,than at any other time since we began tracking trustee sales in September 2006.

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Foreclosure Timeframes

Time to Foreclosure
Prior Month	Prior Year
0.45%	27.91%
Time to Resell – Bank
Prior Month	Prior Year
3.57%	0.43%
Time to Resell – 3rd
Prior Month	Prior Year
2.00%	-28.50%

Foreclosure timeframes continued to increase slightly across the board, as banks continue to delayforeclosure, and slowing home sales increase Time to Resell. Time to Foreclose is likely to increase furtherin coming months, as the time to file a Notice of Trustee Sale has increased from 142 days to 188 days thismonth, a delay which will show up in the Time to Foreclose statistics as those properties are sold in comingmonths.