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01 Feb 10 California Mortgage Defaults Drop

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The number of California homes entering the home foreclosure process dropped again during 4th quarter 2009 amid signs that the worst may be over in battered marketing, while slowly spreading to more to the higher priced real estate. There are mixed signals for 2010: It’s unclear how much of the drop in mortgage defaults is due to shifting market conditions, and how much is the result of changing home foreclosure policies among mortgage lenders and loan servicers, a real estate information service reported.

While many of the refinance loans that went into default during fourth quarter 2009 were originated in early 2007, the median origination month for last quarter’s defaulted loans was July 2006, the same month as during the prior three quarters. The median loan origination month during the last quarter of 2008 was June 2006. This means the home foreclosure process has moved forward through one month of bad loans during the past 12 months.

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