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.