Central District Consumer Bankruptcy Attorney's Association

Funny you should ask. From Jon Hayes' blog:


The post was migrated from Yahoo.

there should be a corresponding drop in new bankruptcy filings in my
opinion... is that tracked by month anywhere?
354 foreclosure actions is probably just the last of the already set
trustee's sales.
i doubt there were any new NODs recorded in January. does anyone have a way
of checking that?
New law credited with 'eye-popping' drop in California foreclosures
By Stephanie Hoops
Wednesday, February 13, 2013
Foreclosure activity in California and Ventura County took a dramatic
tumble in January as the states new Homeowner Bill of Rights kicked in,
market researcher RealtyTrac reported Wednesday.
There were just 354 foreclosure filings default notices, scheduled
auctions and bank repossessions in Ventura County, according to the
Irvine-based firm. That number is down 69 percent from January 2012 and 35
percent from December.
California had 4,386 foreclosure starts last month, down 62 percent from
December and nearly 75 percent from January 2012.
housing analyst with John Burns Real Estate Consulting.
Wehril said he had never seen month-to-month or year-over-year changes so
big.
Homeowner Bill of Rights is pretty clear, he said. Weve been seeing
foreclosures come down all year long so its part of that trend, but itpretty dramatic acceleration.
Wehril suspects banks are pulling back while they train their staffs and
figure out how to operate within the parameters of the new law, which gives
consumers more protections by ensuring banks use fair lending and borrowing
practices.
The Homeowner Bill of Rights ends the practice known as dual tracking,
where lenders pursue foreclosures at the same time borrowers seek loan
modifications. Also, lenders who record multiple unverified foreclosure
documents may be prosecuted for civil penalties of up to $7,500 per loan
and be subject to enforcement by licensing agencies.
The new law profoundly altered the foreclosure landscape in January, said
RealtyTrac Vice President Daren Blomquist.
properties with foreclosure filings of any state, he said. Instead, that
dubious distinction went to Florida, where January foreclosure activity
increased on an annual basis for the 11th time in the last 13 months.
Also Wednesday, DataQuick Information Systems reported that January home
sales in Southern California reached the highest level in six years as the
region continues to climb out of the recession.
A total of 16,058 new and resale houses and condominiums sold in Ventura,
Los Angeles, Riverside, San Diego, San Bernardino and Orange counties last
month, up 10.6 percent from January 2012.
In Ventura County, 607 new and resale houses and condos sold last month, up
8.2 percent from a year earlier.
The median selling price in Ventura County was $365,000, up 13.2 percent
from January 2012. The median selling price in the Southland was $321,000,
up 23.5 percent over the year.
DataQuick President John Walsh cautioned that regional home sales remain
subpar and prices still are at least 30 to 40 percent below peak levels.
He also said the demand is not being fueled by spectacular job growth or
stellar consumer confidence, but by low mortgage rates and unusually high
investor and cash purchasing.
The price hikes have some questioning whether theyre sustainable or
represent another housing bubble.
Mark Schniepp, director of the California Economic Forecast in Santa
Barbara, doesnt think a bubble will be a concern for quite some time,
although hes watching the rapid rise in prices in many markets.
their home to be repossessed, he said.
Now theyre better positioned to work out some type of sale and may even
turn a profit. Inventories are extremely low, and homes that would not
have sold a year ago will sell now, Schniepp said.
Houses selling in the low to mid price range (under $500,000) are getting
multiple offers, said Janet Dorsey, Coldwell Banker branch manager for the
Ventura regional office.
would
need to plan on a quick sale, she said.
Just because its a sellers market, however, it doesnt mean you can jack
up the sales price beyond market value, experts say. Dorsey said
conservative appraisals are now prevalent in the market and thats
affecting overall prices.
For those seeking a home, cash buyers are ubiquitous, according to Karen
Heyrend, president of the Ventura County Coastal Association of Realtors.
makes it a little more difficult for someone wanting to have a primary
residence. Our first-time buyers are having a struggle.
there should be a corresponding drop in new bankruptcy filings in my opinion... is that tracked by month anywhere?354 foreclosure actions is probably just the last of the already set trustee's sales.
i doubt there were any new NODs recorded in January. does anyone have a way of checking that?

The post was migrated from Yahoo.