California foreclosure starts fall to second-lowest level in 7 years | Pound Ridge Homes

-
Foreclosure starts in California rose 38.7% from the first to second quarter, but still hover at their second-lowest level in seven years, DataQuick reported.

Homeowners in the state have rising prices and new legislation to thank for the dramatic slowdown in default notices.

The La Jolla, Calif.-based real estate data firm said 25,747 notices of default were filed in the April-to-June period, up 38.7% from 18,568 filings in the prior quarter and down 52.9% from 54,615 filings a year earlier.

The notices of default filed in the first quarter of 2013 marked the lowest quarterly total since 2005, making the most recent report the second lowest quarterly total in seven years.

It’s possible new foreclosure legislation in the state is the cause of the slowdown.

The Homeowner Bill of Rights took effect in California on Jan. 1, creating a private right of action for foreclosure plaintiffs to sue financial firms for violating one of the law’s many provisions.

“In California and other states in recent years foreclosure activity has sometimes plunged temporarily after a new law kicks in and the industry takes time to adjust,” DataQuick explained


Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » California foreclosure starts fall to second-lowest level in 7 years | Pound Ridge Homes

Comments

Post a Comment

Popular posts from this blog

Four Regional Banks Discuss Settlement Over Foreclosures | Waccabuc Real Estate

-
Image
U.S. state attorneys general are pressing four banks to accept a legal settlement over botched foreclosures similar to a deal reached with larger competitors this year, according to three people briefed on the matter. U.S. Bancorp (SFBC) , PNC Financial Services Group (PNC) Inc., SunTrust Banks Inc. (STI) and HSBC Holdings Plc (HSBA) have held talks with state and federal officials who investigated claims that loan servicers mishandled foreclosure documents, according to the people, who spoke on condition of anonymity because the talks are private. U.S. Bancorp Said to Join PNC in Talks on Mortgage Settlement Jeff Kowalsky/Bloomberg Mortgage servicers typically handle billing and collections, as well as foreclosures when borrowers fail to pay. Neil Brazil , a spokesman for HSBC’s North America unit, said in an e-mail that the London-based lender has conducted “preliminary discussions with its bank regulators and other
Read more

Top 20 real estate websites in June | Mount Kisco Real Estate

-
Last year, Realtor.com and Yahoo Real Estate battled it out for the top position in the monthly real estate website rankings maintained by Web metrics firm Experian Hitwise . So far this year, Zillow has been king of the hill, having bumped Yahoo Real Estate from the top spot in March. Jockeying for the spots below first place has also been fierce, with Trulia jumping two positions into second place on the Hitwise list in June. Trulia leapfrogged over third-place Realtor.com, bumping Yahoo Real Estate into third place in the process. AOL Real Estate, meanwhile, moved up two positions from May to June, but there were no new websites in the top 10. The Hitwise rankings don't tally mobile app users, an increasingly popular option among consumers conducting listing searches. But they still provide a window into who's winning the battle for eyeballs -- an important consideration for brokers and agents in deciding where to spend their marketing dollars. According to Hitwise, t
Read more