From ForeclosureRadar:
For the third consecutive month, foreclosure sales jumped significantly as lenders come off the moratorium. Foreclosure sales increased by 24.7 percent following a 31.9 percent increase in May, and a 35 percent April increase. Notices of Trustee Sale dropped by an unexpected 28.7 percent, with the timing of the drop indicating that it was in response to the California Foreclosure Prevention Act. This law was widely believed to have little or no impact on foreclosure filings, as it exempted the majority of large lenders that operate in the state.
I’ve been talking with asset managers from different companies this week and the general feeling is that the big banks were all asked, by the Treasury/White House, to delay their foreclosure proceedings for 90 days, covering June, July, and August.
I don’t believe that the California Foreclosure Prevention Act has much to do with the drop off because other states are experiencing the same thing.
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