The first half of 2010 saw relatively good news for most participants in the foreclosure market, according to ForeclosureRadar.
Foreclosure cancellations rose as homeowners saw more short sales and loan modifications approved. Investors quickly flipped their foreclosure purchases for solid profits as buyers hurried to take advantage of tax credits. As the tax credits expired, however, the market began to slow.
Foreclosure cancellations also began to drop as the government push for loan modifications waned and short sales slowed with the rest of the housing market.
Finally, in the beginning of the third quarter, the robo-signing scandal led to dramatically lower foreclosure sales, including a complete halt by Bank of America for nearly two months.
For the first time since the foreclosure crisis began, Arizona, California, and Nevada saw a drop in the filing of new foreclosure actions.
Tags: Arroyo Grande, California, Central Coast, PB, real estate, Realtor, San Luis Obispo
