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New Report Shows Foreclosures Down in California Despite Industry Expectations

May 23, 2011

Our Corona foreclosure defense lawyers were interested to see recent reports suggesting that the rate of foreclosures has not yet recovered from the slowdown caused by the robo-signing scandal. According to a May 17 article from the Orange County Register, foreclosure filings are down in California to lows not seen since the fall of 2008. That statistic was echoed by similar statistics from neighboring Arizona and Nevada, as well as the state of Washington. The data comes from ForeclosureRadar.com, whose CEO told the newspaper it was surprising because banks should already have finished any slowdown caused by robo-signing and the halt it put to foreclosures already in the pipeline.

ForeclosureRadar's California numbers for April showed a 25.8 percent decline in notices of default over March's numbers, and a 10.9 percent decline in notices of trustee sales. Those drops were even more dramatic measured against the numbers for April of 2010. Cancellations of trustee sales -- essentially, last-minute foreclosure reprieves -- were up 27 percent. The trend was also evident in Arizona and Nevada, both of which saw drops in foreclosure notices over March and the previous year. However, neighboring Oregon was an exception, with a significant increase in foreclosure filings coming from one particular lender. In California, the average time until foreclosure continued to increase, and is now at 312 days from start to finish, or about 10 months.

As Norwalk foreclosure defense attorneys, we're always pleased to see evidence that fewer homeowners are being kicked out of their homes. But we're not sure whether this news is a sign of a long-term recovery or just the tail end of the robo-signing crisis. After robo-signing broke, many banks put moratoria on foreclosures, or had them imposed by courts, so that the paperwork of pending foreclosures could be checked for accuracy. However, with robo-signing becoming public knowledge in early October, it has now been seven months, enough time for foreclosures to get back on track. However, it's possible that robo-signing is informing borrowers' and judges' current decisions. If more borrowers are challenging their foreclosures in non-judicial states like all of these, and judges are taking them seriously, they could slow foreclosures dramatically.

If you're facing a foreclosure or expect to soon, don't hesitate to call Howard Law PC for help. We represent people across California who are fighting disorganized or uncaring lenders to hold on to their homes and their home equity. Because we've worked with troubled homeowners throughout the housing crisis, we've heard all kinds of horror stories about loan servicers that ignore calls, give several conflicting sets of instructions, lose paperwork or foreclose even after granting a loan workout. Our Lake Forest foreclosure defense lawyers have come to believe that lenders don't grant loan modifications because they make more money in a foreclosure. We fight back in the courts whenever appropriate, to protect our clients' legal rights as well as their homes.

Howard Law offers free, confidential case evaluations, so there's no risk in speaking to us about your situation and your rights. To learn more or set up a meeting, call us toll-free at 1-800-872-5925 or send us an email today.