Changes in Foreclosure Law Could Affect San Diego Foreclosure Market
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Published: Tuesday, January 20, 2009
It used to take approximately four to six months for a home to wind its way through the foreclosure process, beginning with the filing of a Notice of Default, followed by the Trustees Sale and then the eventual listing of the property for sale as a bank owned home. A procedural change in the California foreclosure process that went into effect last September could change all of that, making it more difficult to bring foreclosure listings to market.
California Foreclosure Procedural Change
Before the law went into effect, banks could file a Notice of Default simply because a borrower was delinquent under the terms of their mortgage. With the new regulations however lenders are required to contact the homeowner regarding the delinquency and then wait another 30 days before filing the NOD. This extends the foreclosure process by one month at a minimum, even longer if the homeowner is difficult to track down or is able to convince the bank to delay filing the Notice of Default.
How the Change Affects San Diego
Industry expert DataQuick reported that before the law went into effect over 2,000 Notices of Default were filed each business day in California. After the change was put in place the number fell to 100 a day. Even now, three months later, the number has only reached 500 or so per day. With the average time between the filing of the Notice of Default and the Trustees sale that frees up the property for market being right around four months, that means fewer San Diego foreclosures will hit the market in January. Add that to the rapid high demand pace at which investors are snapping up these San Diego bank owned homes, and you can see how time may be running out, at least for now. It could be months before the next wave of foreclosures hits the market, and who knows what prices and interest rates will look like then!
Act Now to Insure San Diego Foreclosure Bargains
As the current market of San Diego County bank owned homes quickly sells off, it may be months before the volume of San Diego foreclosure listings reaches the point where banks are once again offering fire sale pricing. San Diego real estate continues to be the highest demand market in California. Don't miss out on the opportunity of a lifetime to live and invest in beautiful San Diego at prices that may not be seen again. Richard Elias can help you cash in on San Diego foreclosure opportunities right now, instead of waiting months for your chance to come around again. Contact Richard Elias at 1-800-474-1919 to find out how you can get started on taking advantage of your opportunity by setting up a showing today.
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About this Page: Foreclosure filings fell during the third quarter of 2008 because of a California procedural change that affects the foreclosure process. Richard Elias explains what this means for the San Diego foreclosure market.
Changes in Foreclosure Law Could Affect San Diego Foreclosure Market
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