Plenty of Foreclosures Cancelled In California

By now most of us have heard about the California law that goes into effect in 2013, banning the dual-tracking by lenders. Which means they couldn't move forward with foreclosure proceedings while a borrower was working on a loan modification or short-sale.

The amount of foreclosures that were cancelled in California bumped up to 62.1 percent from September to October and almost 37% over a one year period.

We don't know what this will do the recovery. Consider that the banks seem to be working harder at getting mods and short-sales done...but, what if they aren't approved, aren't acceptable to the borrowers....does that mean the foreclosure timeline will start all over again and therefor the housing recovery be stalled even further?

I would have to say yes...and then we'd certainly be working with more distressed properties.....still.....