Mortgage News Daily has quoted CEO Thomas O’Grady in their latest article on how state foreclosure laws are affecting the housing recovery.
“For example in non-judicial states, such as California, foreclosure requirements are established by state statute with no court intervention. State specific rules and timelines are followed, resulting in a faster foreclosure process. ‘Two years ago much of the bad news was centered on California, a non-judicial state. Foreclosures were driving down prices and there were high REO discounts.’ But banks moved swiftly to cut losses, peak foreclosure activity came and went, and many markets are now on the rebound. In fact, eight of our top ten metros for this month are in California.'”