southerndailypress.comApril 26, 2013
For the March ending quarter of 2013, foreclosure filings in the state of California went down 67 percent compared to the year-ago quarter, marking the lowest number of default filings in the state since the fourth quarter (December ending quarter) of 2005.
According to statistics released recently by market researchers Dataquick, only 18,567 homes were put up for foreclosure last quarter, a decrease of 51.4 percent from the December 2012 ending quarter.
The site attributed the precipitous drop in foreclosure filings to a number of factors, including an increase in home values, the continued improvement of the U.S. economy and the Obama administration’s concerted efforts to bring down the number of foreclosures.
Another variable, the recently-launched Homeowner Bill of Rights, may have also led to the sharp drop. This new set of foreclosure laws took effect on January 1, which had resulted in foreclosure notices dropping significantly before rallying in the month of February.
Dataquick President John Walsh chimed in with his own observations on the statistics recorded for the first quarter of 2013. He observed that “temporary lulls in foreclosure activity” following the implementation of new laws is not uncommon, and that foreclosure starts may indeed rally assuming lenders would “need to play a lot of catch-up.”
Walsh added that the increase in median home prices, which is now 28.2 percent higher year-over-year in California, could also prove to be the “final mop of the foreclosure mess”, as less homeowners would end up owing more than the value of their property with these higher prices.
Back to April 2013 Archive
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