The foreclosure rate has been gradually declining in recent months, giving hope for those of us searching for signs that the Long National Nightmare triggered by the housing crash may be coming to an end. Another trend-tracking report has just been released, and the news is pretty good: National foreclosure filings in January 2013 descended to the lowest level since April 2007, while foreclosure starts reached a low not seen since June 2006.
But what may not be immediately clear is that this decline is largely a local trend. It can be traced to legislation that went into effect out in California, which had for years led the nation in foreclosures. The new regulations restricted the activities of regional mortgage servicers, resulting in a sharp reduction in California foreclosures, which in turn lowered the national rate. So this is nice news for financially strapped California homeowners and somewhat less pertinent news for the rest of us, although it’s undeniably heartening that the national numbers, however they are calculated, are heading in the right direction.
If you’re a homeowner who sees null approaching, don’t hesitate to get professional help. Call Long Island foreclosure attorney Ronald D. Weiss. We have wide-ranging experience with foreclosure solutions for homeowners in Nassau and Suffolk counties.