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.
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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.
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Foreclosure trends in Maryland and Massachusetts both switched directions after new legislation forestalling foreclosure took effect, although the trend recently started heading back up.
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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.
View state-by-state details.
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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)
hud foreclosures
Most home buyers who have turned their attention to foreclosure homes have realized that in addition to getting leads from foreclosure listings, there are also the foreclosure auctions. But before you get too excited and sign up for the next one, you must know some important facts about these foreclosure auctions. hud foreclosures