In an article posted today, the Press Enterprise reports that foreclosure activity continues to dip when compared to a year ago.  Despite the dip, foreclosures in Riverside county remain high with one of the highest foreclosure rates in the country.  Additionally, home inventory has remained constant indicating that despite a decrease in foreclosures, sales are weak and consumer confidence in real estate has not improved.

I belive the largest reason for the dip in foreclosures is an unwillingness by lenders to foreclose on properties.  Many of my clients are surprised to find that banks may take a year or more to foreclose on a property.  Foreclosures have been driven down by slumping home prices, a weak resale market, and heightened scrutiny of foreclosure practices.  The delay in foreclosures has given many Riverside homeowners an opportunity to pursue a loan modification, settle a second mortgage, or strip a second mortgage through Chapter 13 bankruptcy.  To discuss your options, give our office a call for a free consultation.

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