California State Senate Bill 1137 Fails to Reduce Foreclosures
Back in July of 2008… the Terminator signed a bill that imposed new requirements on lenders before they can foreclose on the property.
Of course “they” had good intentions but… the numbers are out and it is mind boggling.
November Notice of Defaults: 21,557
December Notice of Defaults: 42,421
**DOUBLED IN ONE MONTH!!!**
Notice of Trustee Sale (when it get’s auctioned) has been flat BUT after 90 days the lenders can file the NTS and this will explode.
437,955 Notice of Default filled in 2008, an increase of 56% over the 279,821 Notices of Default filed in 2007.
Is it going to double again in 2009? Scary…
http://tinyurl.com/CADECreport
Tags: CA foreclosures, California Foreclosures, jeff coga, NOD, notice of default, notice of trustee, NTS, Senate Bill 1137, shortsalesbuyers.com
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