Nevada City Virtual Tour

Tuesday, February 24, 2015

Number of homes repossessed by banks in California nearly tripled in December

There should be a (albeit brief) flood of new listings coming onto the market!


In time for the height of the spring selling season “foreclosures” (actual trust deed sales) in So Cal hit their highest level in two years in January, according to new data out Feb 13th.

The number of homes repossessed by banks in California nearly tripled in December to the highest level since December 2012, according to data firm RealtyTrac .

It appears it's more a matter of lenders clearing their books than a new wave of bad loans.

According to RealtyTrac: Banks are finally adjusting to California's year-old Homeowners Bill of Rights, which offers new protections for mortgage holders and prolongs the foreclosure process.

And that's pushing a wave of repossessions through the pipeline right now.

The number of notices of default - which start the foreclosure process - remains roughly at the level it's been for the last six months.

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