With the California Homeowner Bill of Rights taking effect at the beginning of 2013, it didn’t take long to see the legislation’s impact on the default foreclosure process.

U.S. foreclosure activity decreased 7% in January from the previous month to its lowest level in approximately six years, according to RealtyTrac. Overall, 150,864 default notices, scheduled auctions and bank repossessions were reported in January, which is also down 28% on an annual basis.

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