BusinessWeek Online Hot Property blog reports that foreclosures are up in California:
"Lending institutions sent default notices to 12,568 California homeowners during the July-to-September period, up 3.5% from last year's third quarter."
I'm predicting that the foreclosure market will enjoy a surge, thanks to the bankruptcy bill that put new rules into effect last month. Bankruptcy attorneys tell me that many consumers who are not able to get relief from credit card debt will not be able to stay current on their mortgage payments and they forecast a huge increase in foreclosures.
David Lereah, chief economist of The National Assn. of REALTORS®, told reporters that he is uncertain about the impact of the bill on the foreclosure rate, but that it is an open question and he will study the issue. We look forward to his findings. We just wish that NAR had the wisdom to ask their economic talent about such things before supporting that beastly bill in the first place.--Frances Flynn Thorsen
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