Banks are still delaying foreclosures in California

by juliaredstone | October 21, 2009 at 04:04 am

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Banks are still delaying foreclosures in California.Though the number of NODs will probably be a record for 2009, it doesn’t mean much because the banks aren’t following through with the foreclosure.

The number of mortgage default notices filed against California homeowners fell last quarter compared with the prior three-month period, the result of lenders’ evolving foreclosure policies, an uncertain legislative environment and an uptick in the number of mortgages being renegotiated, a real estate information service reported.
A total of 111,689 default notices were sent out during the July-through-September period. That was down 10.3 percent from 124,562 for the prior quarter, and up 18.5 percent from 94,240 in third quarter 2008, according to San Diego-based MDA DataQuick.

The number of recorded default notices peaked in the first quarter of this year at 135,431, although that number was inflated by deferred activity from the prior four months.