News Alert: Brought to you by the CALIFORNIA ASSOCIATION OF REALTORS®

This week, the State Legislature enacted foreclosure reform law to address the adverse effects of high foreclosure rates in California. The new law requires lenders to contact homeowners to explore options for avoiding foreclosure at least 30 days before filing a notice of default. It also requires owners acquiring property through foreclosure to maintain the exterior of vacant residential properties. The new law also extends from 30 to 60 days the time for residential tenants to move out of properties that have been foreclosed upon, unless other laws apply. These requirements will remain in effect until January 1, 2013. The full text of Senate Bill 1137 (Perata) is available at www.leginfo.ca.gov

It is really too bad that it has taken our government so long to react to such a huge problem. I know they don’t want to take ownership of the Foreclosure Tsunami that we have all seen take place over the past few years but let’s face it if they had not allowed these Subprime deals to happen in the first place then we would not have this problem today!

Many San Diego Real Estate investors and first time home buyers are really starting to make some great deals on properties in the San Diego County Real Estate Market as they are in many markets around the country. I just feel sorry that so many people have gotten hit with such a huge problem and it has taken our so powerful government so long to react!

IMHO they are the true cause after all they are here to protect us correct.

This entry was posted on Sunday, July 13th, 2008 at 3:40 pm and is filed under San Diego Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.