The monthly California Foreclosure report for May 2012 by ForeclosureRadar.com says:
May 2012 foreclosure activity was mixed with lenders more likely impacted by local market conditions then any overall trends.
In California, Foreclosure Sales were up 6.1 percent vs. previous month, driven by Sales to 3rd parties that were up 14.0 percent.
Sean O'Toole is a smart guy - the Founder & CEO of ForeclosureRadar - he said about the California attorney general and legislature attempt to stop or stall non-judicial foreclosure processing:
"In California, three Senate Bills under the Homeowner Bill of Rights are being actively debated by the legislature. While Senate Bill 1473, Senate Bill 1474, and Assembly Bill 1950 have already been passed, they should have little impact on foreclosure activity throughout the state. However if passed, two of the three remaining bills (Senate Bill 1470 and Senate Bill 1471) will significantly impact the Foreclosure Marketplace.
"I continue to find the push to "Stop" foreclosures, as we are currently seeing play out in the CA Legislature, ludicrous. The real problem is negative equity, and the only thing stopping foreclosures will accomplish is insuring that we are stuck with the negative equity problem for far longer then necessary."
"I completely get why folks are mad at both the banks and the situation. However, stopping foreclosures will lead to a much longer economic recovery, increased blight, fewer jobs, lower property tax receipts, and fewer opportunities for new homebuyers and investors. Please call your state representatives today and urge them to vote no on these measures."
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Source of information is www.ForeclosureRadar.com.
Harrison K. Long – REALTOR® and broker associate, GRI – Coldwell Banker Residential Brokerage – 949-854-7747 (phone) – ExploreProperties@gmail.com (email) – CA DRE 01410855 – SFR short sale and foreclosure resource certified by the National Association of REALTORs® – now serving as an appointed director at California Association of REALTORs® – attorney member of the California State Bar Association #69137
Contact us about listing and sale of Orange County CA coastal homes and real estate. ~ Professional REALTOR® agent representation and help for property owners, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA.
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