85000 properties in California received foreclosure filing
11/11/2009 11:10:00 PM
Despite the governmental distortion of the market, California foreclosure and default notices doubled from last year.
A total of 85,420 California properties received a foreclosure filing during the month, a decrease of 1 percent from the previous month but still nearly 50 percent above the total reported in October 2008. The state’s default notices and scheduled foreclosure auctions were up 120 percent and 73 percent respectively from October 2008, when California foreclosure activity was in the midst of a three-month trough after a law (SB 1137) requiring lenders to give distressed homeowners extra notification before initiating foreclosure took effect in September 2008.