After three moratoriums to halt foreclosures along with the fact that the average time to complete a foreclosure is now approximately Fifteen (15) months. This report does nothing to instill confidence that California Real Estate is making a come back!
The real reality is that the housing market in California, as is the case throughout the country, is in and going through a double dip recession. Extend and Pretend will only worsen the situation.
Mathews Realty Associates
Seniors Real Estate Specialists/Retirement Advisor
California's New Foreclosures Fall to Lowest Level in Over Three Years
Last quarter’s activity was the lowest since second quarter 2007, the local tracking firm said.
“We don’t know how much of the decline is due to less household financial distress and how much is due to shifts in lender and servicer foreclosure policies,” said John Walsh, DataQuick president. “The level of default activity would certainly be higher if it weren’t for alternative strategies such as short sales or even lengthening grace periods.”
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