According to Foreclosure Radar, a
California based firm which tracks every single foreclosure in the state,
foreclosures in California have actually slowed down for the month of July, from
where they were at in June.This is good
news for California homeowners.It means
that there are simply less foreclosures making their way through the system
then there were before.To the experts,
this means a double dip drop in home prices may be less likely to occur, and if
it does, is not likely to occur because an oversupply in foreclosures.
A drop
in properties in foreclosure can also be attributed to the slow movement of
properties through the banks foreclosure process.For many of these homes, it is because banks
are working on alternatives for them such as loan modification.For every loan modification in California
there is one less customer falling into foreclosure or through to a sale date.This decrease in foreclosures is good for
California residents trying to get a loan modification because it means more is
being done to assist the vulnerable borrowers.
