June Foreclosure Report: Moratorium has unexpected impact - may be short lived

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July 14, 2009
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ForeclosureRadar.com released its June 2009 CA Foreclosure Report today. While foreclosures were generally trending upward, Notices of Trustee Sale unexpectedly dropped, apparently due to the new California Prevention Act that went into effect June 16th. Despite the majority of major lenders in the state receiving an exemption from the act, filings dropped by nearly 50 percent as soon as the act went into effect. Filings were climbing back toward previous levels by the end of June so we still expect the law to have little long term impact.Resources:Complete text of California Foreclosure Prevention ActList of exempt lenders under the CA Foreclosure Prevention Act

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July 14, 2009
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