Homeowner Bill of Rights: Foreclosure Activity Plunges in California with New Laws in Effect


“It appears last quarter’s drop was especially sharp because of a package of new state foreclosure laws — the ‘Homeowner Bill of Rights’ — that took effect Jan. 1,”
John Walsh, DataQuick president, said in a news release.


Foreclosure activity plunges in California with new laws in effect

New California foreclosure actions posted a sharp plunge in the first quarter to levels not seen since the last housing boom.

Lenders filed 18,567 mortgage default notices on California houses and condominiums during the first three months of the year. That was a 51.4% drop from the previous quarter and a 67.0% drop from the first quarter of 2012, according to real estate firm DataQuick.

The filing of a notice of default is the first step in California’s formal foreclosure process.

The firm reported the numbers Tuesday. It attributed the drop to rising home prices, a stronger economy and government interventions designed to curtail foreclosures.

In particular, a series of new laws backed by state Atty. Gen. Kamala D. Harris that place new regulations on foreclosure practices appears to have played a big role in the sharp reduction, DataQuick reported.

Rest here…



2 Responses to “Homeowner Bill of Rights: Foreclosure Activity Plunges in California with New Laws in Effect”
  1. talktotennessee says:

    Can we all move to California where the Democratic majority take care of those who actually designed the Bill of Rights and that would be the PEOPLE! I live in a state dominated by Republican mentality that favors corporate plutocracy and cares nothing about individual rights. Tennessee has to be one of the least individual rightsy states. As a non-judicial state, it means if the banks wants to foreclose, they do it! Even when they have no legal standing they run a couple of ads in the Daily News, send a few letters and auction your home on the Courthouse steps. It is one of those things where if you can’t afford to challenge them in court, they steal your house and you can sue them if you disagree. Even then the Courts back the banks, not the people! We need to wake up in this country and smell the coffee. We are losing our rights to access the Courts, legal system, voting rights, etc.
    California here I come!

    • leapfrog says:

      Don’t fool yourself in thinking the grass is greener here – the judges in CA are still owned lock, stock and barrel by the TBTF banksters and couldn’t care less about the massive frauds perpetrated on individuals by the financial kleptocrats. The mortgage banker lobbyists also heavily influence legislature here (like everywhere else).

Leave a Reply