May 15, 2009

California Foreclosures Are Back With A Vengeance

From Diana Olick's "Realty Check" blog, posted at CNBC's website on 4/22/09:

We knew it was coming, and now it's here...the return of California's foreclosure crisis.

Okay, it wasn't exactly gone, but maybe just on hiatus thanks to a new state law that went into effect last fall. That law requires lenders to take additional steps to keep troubled borrowers in their homes. Then of course there were various bank and Fannie Mae and Freddie Mac moratoria on foreclosures.

Today DataQuick reports "lenders filed a record number of mortgage default notices against California during the first three months of this year, the result of the recession and of lenders playing catch-up after a temporary lull in foreclosure activity."

Default notices surged... (continue reading original post here)

May 15, 2009 6:00:00 AM | Investors, Local Market Conditions, REO/Foreclosures

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