Here is a statement today from Senator Mark DeSaulnier who comment on the California Foreclosure numbers. It is being reported that U.S. homes entering the forclosure process fell in January to levels not seen since the peak of the housing boom. So-Called foreclosure starts declined 28-percent nationally last month from January 2012 according to the foreclosure listing firm RealtyTrac Inc.
Foreclosure starts also fell 11 percent from December, the firm said. The last time fewer homes entered the foreclosure process in a single month was June 2006,
January’s decline in foreclosure starts was most pronounced in California. The number of homes in the state that started on the path to foreclosure plunged 75 percent from a year earlier and sank 62 percent from December.
Here is the Senators Statement
“It is outstanding to hear that the number of foreclosures starting in our state has nosedived since the California Homeowner’s Bill of Rights has been enacted,” Senator Mark DeSaulnier (D-Concord) said. “According to Realtytrac, the number of California homes that started on the path to foreclosure in January is down 75 percent from a year earlier. Our goal with the Homeowner’s Bill of Rights was to help families who are losing their homes through no fault of their own, and it is clear that our efforts are starting to pay off. These common-sense solutions are already helping working families in California keep their homes. One such solution requires lenders to provide a “single point of contact” for homeowners to work with as they seek a loan modification or alternatives to foreclosure. These reforms will ensure that working Californians have the ability to responsibly navigate the loan modification and foreclosure process.”
Senator Mark DeSaulnier authored SB 1471 in 2012. Key components of SB 1471, including the “single point of contact” were included in the final California Homeowner’s Bill of Rights.