Good news continues to flow in that benefit the California real estate market, Interest rates are at the lowest level in recorded history. The largest institutional banks settled for a staggering 25 Billion dollars with the Federal government for inappropriate foreclosure activity and now the California Homeowners Bill of Rights is completely implemented. All have led to a resurgence in the California real estate market that will benefit homeowners as prices should continue to increase due to the positive economic factors.
But probably the best news is that foreclosure activity is down 65% from January 2012. Couple this with the banks being much more active in “working things out” with delinquent homeowners and with the Homeowners Bill of Right instructing California lenders to stop the process of dual tracking will only lead to more future positive news for homeowners and real estate professionals throughout California.
The restrictions on “Dual Tracking” is the process of one department at the bank foreclosing on the property while the other department attempts to work things out with the homeowner. This was tantamount to helping someone while at the same time stabbing them in the back. It just wasn’t the right thing to do to people who were experiencing hardship due to many factors, this being possibly the largest factor being the downturn in both the national and California economy. It is now considered illegal for California banks and their foreclosure companies to employ such a process on homeowners. The great news is that so many struggling homeowners are going to be able to keep their homes and this will prevent or minimize the vacant homes in neighborhoods all over California.
It is so nice to be able to report good news after so many years of month after month of reporting so much bad news.