Suspension on Foreclosure evictions during holidays
Fannie Mae will suspend foreclosure evictions from Dec. 20 through Jan. 3, 2011. Freddie Mac already made its announcement.
At least the GSEs are showing some compassion during the Holidays.
http://www.housingwire.com/2010/12/06/fannie-mae-to-suspend-foreclosure-evictions-for-the-holidays
Silicon Valley foreclosure on the way down?
The above article boldly declares that foreclosure activities have dropped 18% reduction in Notices of Default being issued and 11.5 % reduction in Notices of Trustee Sales last month in Silicon Valley. On its face, that seems like fantastic news, but we have to now consider something which happened today. How will the law which enacted a moratorium to stop foreclosures ending impact the activities in the coming months? Of course only time and data will tell…….
However, the above question may be a moot point unless the two root causes of foreclosure are addressed in California: unemployment and the looming option ARMs problem. Unless these powerful forces are somehow resolved or mitigated, we may be looking at years of foreclosures to come.
CA foreclosure moratorium ends today.
The California Foreclosure Prevention Act, signed by Gov. Schwarzenegger which established a 90 moratorium on foreclosures officially ends today. (An interesting side note is that on this seemingly important occasion, very little is written about it. As of this morning, the only article I could find referencing this occasion is the above article.)
Naturally, everyone wants to know whether the end of this moratorium will have an effect on foreclosure in the coming months. No on knows. But it will be interesting to see how the number will change, if at all.
