Law Offices of James V. Sansone
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The Number Of Californians Entering Foreclosure Is At Lowest Level Since 2007, Is This Good News For Santa Rosa Homeowners?

index-thumb-294x171-23520.jpgAccording to the LA Times, the number of Californians entering foreclosure is at its lowest level since 2007. Notices of default against California homes dropped 17% in the second quarter from the first quarter and 19.2% from the second quarter of 2010. Banks repossessed 10.9% fewer homes than a year ago and 1.4% fewer than in the first quarter. The problem with statistics is that they can prove anything except the truth.

While this may seem like good news, this statistic is similar to how unemployment is calculated.

For unemployment purposes, persons are classified as unemployed if they do not have a job, have actively looked for work in the prior 4 weeks, and are currently available for work. Thus, if you have not actively looked for work you are not counted as unemployed. People who don't actively look for work can reduce the unemployment percent, but are still unemployed, statistic or no statistic.

All these numbers prove is that the number of the filing of Notices of Defaults are down. A Notice of Default is nothing more than the notification given to a borrower stating that he or she has not made their payments by the predetermined deadline. It dictates that if the money owed (plus an additional legal fee) is not paid in a given time, the lender may choose to foreclose the borrower's property.

The real question that should be addressed is not how many default notices are filed, but how many homeowners are more than 30 days delinquent with their mortgage payments. I consult with many borrowers who are over six months late on the mortgage payments who have not received a Notice of Default. Therefore, these individuals would tend to support the numbers that establish foreclosures are down, but in reality these mortgage holders are just in as much trouble now as they have been for the last several years.

The Law Offices of James V. Sansone is located in Santa Rosa, California and helps people file forbankruptcy relief under the United States Bankruptcy Code, and also helps people with civil litigation and real estate disputes, throughout Sonoma County, Mendocino County, and Lake County, including Santa Rosa, Petaluma, Cotati, Rohnert Park, Sebastopol, Healdsburg, Sonoma, Kenwood, Glen Ellen, Windsor, Bodega Bay, Ukiah, Willits, Clearlake, Lakeport, and Kelseyville.

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