'Homeowner Bill of Rights' | Foreclosure activity plunges in California with new laws in effect

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‘Homeowner Bill of Rights’ | Foreclosure activity plunges in California with new laws in effect

‘Homeowner Bill of Rights’ | Foreclosure activity plunges in California with new laws in effect

LA TIMES-

New California foreclosure actions posted a sharp plunge in the first quarter to levels not seen since the last housing boom.

Lenders filed 18,567 mortgage default notices on California houses and condominiums during the first three months of the year. That was a 51.4% drop from the previous quarter and a 67.0% drop from the first quarter of 2012, according to real estate firm DataQuick.

The filing of a notice of default is the first step in California’s formal foreclosure process.

The firm reported the numbers Tuesday. It attributed the drop to rising home prices, a stronger economy and government interventions designed to curtail foreclosures.

In particular, a series of new laws backed by state Atty. Gen. Kamala D. Harris that place new regulations on foreclosure practices appears to have played a big role in the sharp reduction, DataQuick reported.

[LA TIMES]

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2 Responses to “‘Homeowner Bill of Rights’ | Foreclosure activity plunges in California with new laws in effect”

  1. Sarah says:

    Good laws? Laws written to protect the lil’ guys from the Bank’s steamrollers? Unheard of, especially in other states.

  2. slamtheshysters says:

    This is baloney. Where did they get their source of information? I think they decided to put out a piece of fantasy, backed by the bankstas as counterpropaganda to the reality of the HORRIBLE HOUSING FRAUDCLOSURE FRAUD that CONTINUES to be perpetrated WORLDWIDE!!!!!!!! Baloney. Shame on the people at the LA Times who wrote this and the editor who sold out to Bankster GREED! Shame on all of them.

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