Hunt for True October Foreclosure Trend (Home foreclosures)
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.
Free-market purists have to love the lead in The Washington Post story Friday about the real estate market in Prince William County, Va., a suburb of Washington, D.C….(read more) foreclosure listings
Job loss or unemployment has been triggering the rise of repo home listings, defeating old reasons like bad loans and its effects. So far this year, Americans who lost their jobs reached almost one million; resulting to a lot of foreclosures due to non-payment. Economists believe that this number will still increase and national delinquency rate has a long way to go. foreclosure listings
Tags: California Law, Delinquency Rate, Early September, Foreclosure California, Foreclosure Listings, Foreclosure Process, Home Foreclosures, Home Listings, National Numbers, New California, New Legislation, Notice Of Default, One Million, Prince William, Prince William County, Prince William County Va, Purists, Sharp Turn, State Details, Washington Post