Year-over-year foreclosure activity default notices, scheduled auctions and bank repossessions in California continued a yearlong trend by plunging dramatically in September, according to Irvine-based RealtyTrac.
RealtyTracs latest foreclosure market report said foreclosure filings were reported on 15,804 California properties last month, down 58.3 percent from September 2012.
As it has all year, RealtyTrac cited the steep year-over-year reductions to the homeowner bill of rights, the state legislative package that took effect Jan. 1.
That package codifies some changes agreed to in last years $25 billion national mortgage settlement, negotiated between federal and state attorneys general and five major lenders, including Bank of America and Wells Fargo. The changes apply to all lenders in California, and extend protections beyond the settlements 2015 end date.
However, the gradually improving U.S. housing industry also was cited this time around.
Nationally, RealtyTrac said foreclosure filings were reported on 131,232 U.S. properties in September, a 2 percent increase from August but a 27 percent decrease from a year ago. U.S. foreclosure starts in the third quarter were at a seven-year low.
The September and third quarter foreclosure numbers show a housing market that is haltingly returning to health, said Daren Blomquist, vice president of RealtyTrac.
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