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?
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