The Housing Chronicles Blog: Quoted in today's Ventura County Star about foreclosures

Thursday, December 15, 2011

Quoted in today's Ventura County Star about foreclosures

Today I was quoted in a story by the Ventura County Star about why rising foreclosures in the state and in Ventura County are bucking the national trend of falling foreclosures -- at least for now. So why the contrast? In part because foreclosures as much easier to process in California than in many other states, which require a court process. In addition, a combination of our high unemployment and the fact that many parts of the state were ground zero for the housing bust would mean we could be on the leading edge of higher foreclosures nationally after the start of 2012.

From the story:

Ventura County and California may be ahead of the nation in foreclosure activity for other reasons, said Patrick Duffy, a principal with MetroIntelligence Real Estate and Economics Advisors in Los Angeles.

Foreclosures in the state move faster through the system because they don't need to go through the courts, he said.
Also, California was a hot spot for many subprime and other troubled mortgages that triggered the cascade in foreclosure filings.

"In the long run, it will be better because it gets them (the foreclosed homes) into the pipeline sooner," and therefore they will get sold sooner, Duffy said.

Click here to read the entire story.

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