This has been a very busy week in the world of real estate. The State of California has put some new legislation into place to help homeowners. First, they passed a new foreclosure law that ensures bank reach their customers in person or by phone to assess their financial situation. At which point, the borrower has 30-days before the notice of default is filed.

How will this affect the home market? It will take banks longer to put short sales on the market and may give them the time and incentive to work out arrangements before doing so. This may slow the increase to homes on the market and slow the drop in the market.

Remember, these are just the possibilities, we will see how reality unfolds over the next six to twelve months.

Other legislation to be covered soon.....

Labels: aliso viejo, home sales, IRVINE, laguna hills, laguna beach, mission viejo, newport beach, orange county