January 18th, 2009 4:14 PM by Lehel Szucs
December California Foreclosure Report - NOTICES OF DEFAULT NEARLY DOUBLE - California State Senate Bill 1137 Fails to Reduce Foreclosures
Discovery Bay, CA, January 13, 2009 -
ForeclosureRadar (www.foreclosureradar.com), the only website that tracks every California foreclosure with daily auction updates, today issued its California Foreclosure Report for December 2008 and year-end summary.Notices of Default have rebounded from the stall caused by California State Senate Bill 1137, which temporarily slowed foreclosures by imposing new requirements on lenders. With 42,421 filings in December, Notices of Default are back to the record levels reached in the second quarter of 2008, nearly doubling the 21,557 Notices of Default recorded in November. Notice of Trustee Sale filings were relatively flat month-over-month, however Notices of Trustee Sale are filed an average 116 days after the Notice of Default so a rebound in the coming months is likely.
See attached PDF for the full report.