Foreclosure sales in Riverside County shot up last month but remained well below the level of a year ago, according to a real estate tracking firm.
Bay Area-based ForeclosureRadar.com’s monthly “Foreclosure Report” showed a total 1,142 repossessed properties were sold countywide in August, compared to 792 in July, about a 44 percent jump.
The county’s foreclosure sales, however, were down 25 percent from a year ago, when 1,527 homes were auctioned off.
In California, sales of distressed properties increased 23 percent in August, but were down 35 percent compared to the same period in 2011.
ForeclosureRadar.com founder Sean O’Toole suggested the double-digit surge was an anomaly, adding that, despite the increase in sales activity, there’s little chance of a “wave of foreclosure sales” this year, as some analysts had predicted.
“The lack of foreclosure starts this month puts a nail in the coffin of this theory,” O’Toole said. “There will be no wave of foreclosures for at least five months. The good news for investors and first-time buyers is that foreclosure sales have at least remained flat or slightly up, continuing to provide some opportunities in the meantime.”