California leads housing gain
October 12, 2012
A sharp drop in new defaults shows that California is recovering from the housing collapse faster than any other state, according to a report by a home-loan data specialist. That’s somewhat ironic, as California led the U.S. into the bust. (San Francisco Chronicle).
Foreclosures are at their lowest since 2007 in the Golden State, down 13 percent from year ago.
The trend is nationwide, with value of homes in America up 1.2 percent in July — the biggest increase since August 2010.
At the same time, home sales in the state’s biggest markets accelerated and real estate values jumped by 11 percent.
It will become harder for lenders to seize foreclosed properties as of Jan. 1 when new legislation takes effect, and that might adversely affect the speed at which the state’s economy recovers.