Read our latest California Foreclosure Report: DOWNLOAD HERE
Highlights from this report:
- Notices of Trustee Sale fell 18.91% back down to expected levels after a 22% spike last month
- Cancellations drop 13.75%, a reversal of last months trend, but remain up 75.10% year over year
- Pre-Foreclosure inventory was down 20.18% from June, indicating that lenders may be noticing sales more quickly
- Discounting on the courthouse steps continues to climb since the beginning of the year, up approximately 5% since January to 21.6%
- Time-to-Foreclosure was down month over month by 3.42% to 226 days
- Time-to-Resell fell slightly for 3rd Party investors to 164 days, a 3.53% decline month over month.
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Sean: You knew I would chime in on this one. The following shows that only 8% of all Fannie Loan Mods under HAMP were successful. http://www.dsnews.com/articles/former-fannie-mae-exec-claims-gse-mismanaged-hamp-2010-08-09 If we failed 92% of the time we would loose our jobs, not so with the government however. Coupled with this form Moody’s “If the recent revisions to HAMP – including principal-reducing modifications and forbearance for unemployed homeowners – do not produce more substantial results, Moody’s says foreclosures will exceed already-elevated projections, leading to an even sharper drop in home prices” If California sees additional declines in home prices and rises in unemployment it is enivitable we will see another wave of foreclosures. I think you are off the mark this time my friend and this is a house of cards that will collapse in a big way.
CJ – Your argument makes perfect sense, totally rational. But this market isn’t rational, and it hasn’t been since September 2008, and it won’t be anytime soon. For my thoughts on why check out my post on our current game Foreclosure Roulette.
Aurora Loan Services LLC may have deceived homeowners into “workout agreements” that gave them false hope of avoiding a default on their mortgages, according to a new lawsuit. These “workout agreements” allegedly duped homeowners into paying tens of thousands of dollars for months on end while the company purported to work on their behalf to secure loan modifications.
I work with attorneys at HBSS who represent homeowners in California in a class action suit against Aurora Loan Services. If you believe you were deceived by Aurora Loan Services, you should contact them at http://www.hbsslaw.com/aurora.