During the first quarter of this year, only 18,567 mortgage default notices were filed – that’s 51.4% down from Q4 of 2012, and 67% down from the same time last year. The drop is being attributed to recent regulations placed on foreclosure activity – particular the Homeowner Bill of Rights that took effect on January 1.
DataQuick expects that foreclosure activity will pick up slightly once lenders adjust to these new policies.
Interested in Echo Park real estate or purchasing a home in other Northeast Los Angeles neighborhoods? Contact me today!!