Foreclosure starts, sales increase in May in California

Source: Foreclosure Radar

Foreclosure activity was mixed in May, with lenders more likely impacted by local market conditions then any overall trends, according to the latest report by ForeclosureRadar. In California, foreclosure sales rose 6.1 percent compared with April, driven by sales to third parties that were up 14 percent. In California, three Senate Bills under the Homeowner Bill of Rights are being actively debated by the legislature. While Senate Bill 1473, Senate Bill 1474, and Assembly Bill 1950 have already been passed, they should have little impact on foreclosure activity throughout the state, according to ForeclosureRadar. However, if passed, two of the three remaining bills (Senate Bill 1470 and Senate Bill 1471) could significantly impact the foreclosure marketplace. While foreclosure starts increased 4.4 percent and foreclosure sales rose 6.1 percent, the time to foreclosure in California declined .7 percent in May, according to the report.

URL to original article: http://www.foreclosureradar.com/california-foreclosures

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