A Rise in Foreclosure Cancellations
Costa Mesa, California: May 2010 - Why do foreclosure cancellations continue to climb? One big factor is the amount of homes that are being sold as short sales or getting loan modifications. In fact since January 2010, the number of foreclosure cancellations was up over 32%. That’s great news because it shows that people are able to avoid the pitfalls of foreclosure by taking advantage of short sales and loan modifications.
According to Sean O’Toole at Foreclosure Radar, “the rise in cancellations leads us to believe that loan modifications and short sales are gaining traction.”The latest numbers just released for April 2010 indicate that in California, Orange County was the county with the 5th highest number of notices of default, which is the first step in the foreclosure process. In Orange County 1,671 notices of default were filed and even though this was a slight decline, that number is still high. Since the number of foreclosure cancellations is rising, if this trend holds steady, we can expect more of these foreclosures to end in cancellation due to short sales and loan modification efforts.It seems logical that the number of short sales in Orange County will rise. Costa Mesa is no exception so expect to see a rise in the number of Costa Mesa short sales hitting the market as 2010 progresses. About Torelli Realty: Torelli Realty is proud to offer home improvement and home staging tips to help your home’s value throughout Orange County, the city of Costa Mesa and in Mesa Verde. The company has been servicing Costa Mesa, California almost exclusively for over 25 years and knows Costa Mesa real estate and works with the most Costa Mesa homes for sale. The company has 100% success with short sales. Feel free to contact Torelli Realty for a consultation and for all your real estate needs - we know Costa Mesa houses.WEBSITESHORT SALE WEBSITETWITTER – FACEBOOK - COMPANY BLOG