a snippet from today’s Sacramento Business Journal – by Michael Shaw Staff writer
ForeclosureRadar, a daily tracker of residential real estate, on Monday reported a steep decrease in the number of foreclosure filings in September and suggested that new regulations in California designed to give homeowners more warning when a foreclosure is imminent may be behind the decrease.
Notices of default, which indicate the start of the foreclosure process, fell 61.8 percent in California compared with August, the Bay area company reported. Notices of trustee sale, which are filed prior to the home being put up for sale at auction, dropped 47.3 percent from August.
Senate Bill 1137 that went into effect on Sept. 8 imposes new requirements on lenders to make contact with homeowners prior to filing for foreclosure. A total of 16,352 notices of default were filed in September, down from 42,790 in August.
The company speculated that banks were not prepared to deal with the new law.
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