Last month’s foreclosure and REO
filings dropped drastically from the previous month’s numbers. One reason has
to do with new legislation going into effect that makes certain bank foreclosure
procedures more prohibitive. These news laws that became effective in January
have provided homeowners greater protection when dealing with banks in the
default process. There was an estimated 60%
decrease in default notices from the prior month.
This is interesting because this data
comes after the 2012 holiday season. The overall unemployment is lower than
where we were approximately 12 months ago. Typically, the holiday season provides temporary jobs and as the New Year approaches, the majority
of the seasonal positions are no longer needed. But the overall trend is
positive as California shows signs of less defaults than it has in the previous
few years.
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