It took lenders an average of 335 days…or about 11 months…to complete the foreclosure process on California properties in the third quarter.
Daren Blomquist with foreclosure listing service RealtyTrac says that was down three percent from the previous quarter and an eight percent drop from a year ago.
"These foreclosures, if they're going to happen, it's better that it's more like a band-aid that you rip off."
Ripping it off quickly…or speeding up the process…helps the
housing market work through distressed inventory. But Blomquist
says things may soon start to slow down when the state's "Homeowner
Bill of Rights" kicks in. The measure will bar foreclosures while
loan modifications are pending and provide homeowners a single
point of contact with lenders.
"In the short-term it'll make the foreclosure numbers look
even better but in the long-term it could prolong the process of
allowing the housing market to recover."
The "Homeowner Bill of Rights" takes effect on January
1st.