Foreclosure cancellations in California rose 62.1 percent in October compared with September and 36.7 percent compared with October 2011, ForeclosureRadar reported.
While this is not the first time foreclosure cancellations have spiked, this is the largest one-month increase since the company started tracking foreclosures in September 2006. It seems likely that the increase is being driven by the Homeowner Bill of Rights legislation that goes into effect on Jan. 1, 2013, and its provision to restrict the dual-tracking of foreclosures.
Dual-tracking is the term applied to loans which are being considered for either a short sale or loan modification, while simultaneously proceeding through the foreclosure process. Prior to Jan. 1, lenders will have to cancel any foreclosure on a loan for which a short sale has been approved or a loan modification is being considered, and it appears that process has likely already begun.
Notices of Default declined 8 percent in California in October compared with September and were down 48.9 percent compared with last year. Foreclosure Sales in the state rose 9.3 percent from the prior month but declined 38.9 percent from the prior year.
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Source: http://blog.skibear.com/?p=4114
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