30 Nov Is the Foreclosure Picture Improving?
Foreclosures, at least in the Sacramento, California area, seem to be on the decline! At least thatâ€™s the take from columnist, Jim Wasserman, in the Sacramento Bee.
He reports that in the last couple of months, not only have actual foreclosure sales diminished but filings of the dreaded â€œNotice of Defaultâ€ have declined as well. This is indeed good news, at least for this region of the country.
But Iâ€™m not convinced that it means, as Mr. Wasserman concludes, that maybe foreclosures are â€œbottoming out.â€ With the passage of new California legislation to encourage mortgage companies to negotiate with borrowers, and with similar rumblings from the Federal Government, maybe what we are really seeing is just that: an attempt, finally, by mortgage lenders to begin to work with their borrowers rather than rush to foreclosure and become the owner of yet one more piece of unsalable real-estate.
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