California's Foreclosure Totals Dropped In March

ForeclosuresMass President and co-founder, Jeremy Shapiro California's foreclosure pace finally slowed down in most of the Central Valley. In March the figures finally dropped; the decrease was very small but it gives people hope that the foreclosure crisis might finally be subsiding. The hardest hit ares in California are San Joaquin and Sacramento Counties with over 5.5 percent of homes entering foreclosure, in terms of Notices of Default and Notices of Trustee Sales. Fresno County was very pleased to have a month-over-month drop as well. Realtors in Oregon estimate that there are 200 foreclosed homes in Jackson County. Foreclosures and short sales are having a trickle down affect on the market, driving sales prices down. Many Realtors are saying that they are having an upswing in activity and have had more escrows than they have had in a long time. Buyers should not expect big discounts on foreclosed homes because the banks are moving away from the practice of selling homes just on whats owed on them. The Virginia senate has passed a housing bill aimed at trying to prevent foreclosures and help home buyers includes a group of provisions aimed at service members. The new bill would delay foreclosure action against a service member for up to nine months after they return from deployment, which is six months longer than the current law. It also provides one year of relief from increases in mortgage interest rates for returning service members and would establish a special counseling program for service members and veterans with financial problems.

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