Hunt for True (Hud foreclosures) October Foreclosure Trend
released Thursday shows that Notices of Default in California sunk 44 percent from a year ago in October. A new California law that took effect in early September requires lenders to provide homeowners an extra 30-day notice before filing a Notice of Default. While California has had the most impact on the national numbers because of its size, other state foreclosure trends that were headed upward have taken a sharp turn down after legislation designed to extend or forestall the foreclosure process was passed.
Below are three graphs using a 90-day rolling average of RealtyTrac numbers. Each month’s average is based on the total for that month and the totals for the month before and the month after. So the most recent rolling average available is for September.
The foreclosure trend in California abruptly stopped its upward climb after the new law took effect in September while the upward foreclosure trend in Florida has continued.
Foreclosure trends in Maryland and Massachusetts both switched directions after new legislation forestalling foreclosure took effect, although the trend recently started heading back up.
Colorado foreclosure activity began a steady downward decline in January, after a new law extending the foreclosure process took effect. A similar trend began more recently in New York.
Source: foreclosurepulse.com
Fed, World s Banks Pull Off Global Rate Reduction
In an unprecedented move aimed at quelling the mounting tidal wave of unrest affecting the world s economies and investors, the Federal Reserve, in partnership with other central banks around the world, pulled off a coordinated reduction of short-term interest rates Wednesday….(read more)
Source: foreclosurepulse.com
90-Year-Old Woman in Foreclosure Shoots Herself During Eviction Attempt
The prognosis for the U.S. economy is not too rosy these days, so it comes as no surprise that some people are taking matters into their own hands and literally going to the extreme when faced with a foreclosure scenario….(read more)
Source: foreclosurepulse.com
Tags: California Law, Central Banks, Early September, Fed World, Foreclosure California, Foreclosure Process, Global Rate, Hud Foreclosure, Hud Foreclosures, National Numbers, New California, New Legislation, Notice Of Default, Old Woman, Prognosis, Sharp Turn, State Details, Term Interest, Tidal Wave, Unprecedented Move