Lull in California Foreclosures Suits Current Homeowners Just Fine

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Lull in California Foreclosures Suits Current Homeowners Just Fine

Sep, 16th 2016

Marty Rodriguez can remember the days when Southern California was awash in home foreclosures.

Banks were giving out mortgage loans to borrowers who often didn’t have to verify their income. In some cases, they didn’t even have prove they had a job. At the peak of the housing meltdown in 2010, nearly 2.9 million U.S. homes fell victim to foreclosure filings.

“It was raining foreclosures and short sales,” said Rodriguez, owner of the Century 21 Marty Rodriguez realty office in Glendora. “Back then about 40 percent of our transactions involved foreclosures or short sales.”

Fortunately, things have changed.

Figures released Tuesday from industry tracker CoreLogic show that in July just 0.3 percent of all California homes with a mortgage were in some stage of foreclosure. That’s a considerably lower percentage...

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