A Fall in Foreclosures:
Figures plummet in Napa County
Recent research conducted by the San Diego-based DataQuick, a company centered on real estate news and custom data, has tracked a strong decline in the foreclosure process in Napa County. Houses and condos with notices of default have fallen 60.7% between the fourth quarter of last year and the first quarter of 2013. In fact, the total loss of homes, loan defaults and the amount of trustee deeds are currently the lowest in seven years throughout the state of California.
Despite a consistent fall in the amount of homeowners beginning the foreclosure process, the 74.3% plunge between quarters drew particular interest. Many attribute the drop in numbers to the “Homeowner Bill of Rights,” a set of new laws that took effect January 1st. Other factors such as the current rise in home prices, the improving economy, governmental support and a difficult labor market have also attributed to the plummet.
While the majority of defaulted loans exist from between 2005 and 2007, analysts agree that the recent change in foreclosure stems from the state’s new regulations regarding banks’ protocol, and the $25-billion national mortgage settlement from 2012. The drastic changes in foreclosure numbers and policy have captured that attention of many, and will remain an important topic to track.