Foreclosures are back in a big way since the federal foreclosure moratorium ended June 30, 2022, for single-family residences, without this protection foreclosure starts are increasing. The foreclosure process begins after homeowners are delinquent on 90-days of mortgage payments. Once this occurs, the mortgage lender issues the homeowner a Notice of Default (NOD). When the homeowner is unable to rectify the monetary default to reinstate the loan, the lender may initiate foreclosure proceedings. The housing market recession has arrived.
California has the highest number of foreclosure starts in the nation with 7,368 foreclosure starts during Q3-2022. There were 2,275 foreclosure starts in Los Angeles according to ATTOM. California encompasses ~11% of the total national foreclosure starts, Los Angeles metro area ranks third nationally in number of foreclosure starts in metro areas. These numbers indicate a dire situation for many California residents going forward as the housing crisis deepens.
Foreclosures Back