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There's a new buzz in real estate circles about a huge September drop in California's mortgage defaults. But unfortunately, it's nothing to celebrate.

 Bankers are now having to cope with recently-passed SB1137, which requires new steps and a longer process before taking a borrower into default.

A September report on defaults from Foreclosure Radar provides the details of what it says is a 61 percent drop in notices of default - issued when borrowers fall two or three monthly payments behind.

Some day such a drop will be the greatest of news for all of us. But not today yet. Jim Wasserman.

Posted by Len Fishman on October 14th, 2008 1:41 PMPost a Comment (0)

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