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Notices Up, Sales of Foreclosures Down
Government Intervention Slows Foreclosure Process
ForeclosureRadar.com reported yesterday that notices of default, the first stage of the foreclosure process, are up 26% higher than the peak of April of 2008. Notices of trustee sale rose over 82% over the peak in July of 2008. Yet, sales of foreclosed homes at auction has decreased over 41%!
The report cites the State of California has significantly impacted the process and is creating havoc in the Sacramento, as well as other, real estate markets throughout the state. The large disparity between filings and sales points to significant delays but not prevention of the foreclosure process.
What good is this doing? Help me out here, I’m not seeing it!
The Black Hole
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