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'Foreclosures go down in California due to state law'

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Foreclosures go down in California due to state law

01/29/09 09:58

Good news: foreclosure activity in the Bay Area seem to be slowing down in recent months.

Not-so-good news: this is not because of a recovery from the market. It is from a new state law enacted in California requiring lenders to wait at least 30 days before sending out foreclosure notices after they first contacted delinquent homeowners.

Will this have a positive effect on the market? Or is this just a delay to further destruction?

Link: [link]

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