Blog Post

Notices of Default (Properties that have not currently made their payments) have risen 26% higher than last April 08'. The Notices of Trustee's sale (These are the ones that set the auction date and time) have risen 82.3% from the previous month. These trustee's sales have yet to reach record levels this year.

The problem is the sales at the auctions have decreased 41.4% which makes it the lowest level since 2007. We need these properties to sell or get paid off rather than to hang in limbo. There have been several government programs which have caused the impacted foreclosure numbers in California.

-California Senate Bill 1137.
-The California Foreclosure Prevention Act.
-U.S. Congressional requests for Foreclosure Moratoriums.
-U.S. efforts to Stabilize Financial Institutions (Including TARP & PPIP)

Although these programs are well intended they aren't solving the core problem of negative equity.
To get more information please visit : https://s3.amazonaws.com/CA_Foreclosure_Report/March%202009%20CA%20Foreclosure%20Report.pdf

Posted 15th April 2009 by Sally Forster Jones