Foreclosure Prevention Has Delayed Filings
In 2008, according to RealtyTrac, California Senate Bill 1137, which required lenders to provide written notice of their intent to initiate foreclosure proceedings 30 days prior to issuing a notice of default, resulted in a reduction of NODs from 44,278 in August to 21,665 in September.
Notice of Default filings then surged by 122% to over 42,000, in December 2008. Similar patterns have occurred in other states, such as Massachusetts and Maryland, where similar types of foreclosure prevention legislation has been enacted.
California, Florida, and Arizona posted the highest 2008 foreclosure totals with Ohio, Michigan, Illinois, Texas, Georgia, Nevada and New Jersey rounding out the top 10.