The first six months of 2010 were good for the stakeholders in foreclosure market. Short sales and loan modification started getting approvals and as a result most of the foreclosure cases revoked. Investors started to offer their purchases in housing market and buyers showed interest in the purchases in order to take advantage of tax credits. When the government’s interest in loan modification appeared to diminish, the number of short sales slowed down and with the void tax credits foreclosure cancellation also started rising.
The start of third quarter of 2010 was greeted with the robo-signers scandal and as a result the foreclosure sales dropped. This quarter also witnessed a complete foreclosure freeze by Bank of America.
Since the offset of foreclosure crisis, for the first time the number of new foreclosures cases decreased in California along with Nevada and Arizona.
| |
|
2007 |
2008 |
2009 |
2010 |
| California |
Foreclosure # |
280,095 |
442,612 |
504,425 |
338,999 |
| |
%age change |
|
+58% |
+14% |
-33% |
In 2010, for second consecutive year foreclosure sales decreased in California.
| |
|
2007 |
2008 |
2009 |
2010 |
| California |
Sales |
96,901 |
251,544 |
202,215 |
189,810 |
| |
%age change |
|
+160% |
-20% |
-6% |
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Pearl Ahlquist
7921 Kingswood Dr. A6
Citrus Heights CA 95610
http:www.loanrecourse.com
McKayland Realty
916-708-3851
01149313