IRVINE, Calif. — State laws aimed at stemming foreclosurescaused a 12% drop nationwide in mortgage defaults in September,according to RealtyTrac.
|“Much of the 12% decrease in September can be attributed tochanges in state laws that have at least temporarily slowed downthe pace at which lenders are moving forward with foreclosures,”James J. Saccacio, chief executive officer of RealtyTrac, saidyesterday.
|Saccacio said antiforeclosure measures that recently took effectin California and North Carolina have had a significant impact.California's SB1137 requires lenders to make contact with borrowersat least 30 days before filing a notice of default. North Carolinanow requires lenders to provide homeowners and the state'scommissioners of banks 45-day notice prior to filing a notice ofdefault.
|California notices dropped 51% in September from the Augustnumbers. California accounts for one-third of the nation'sforeclosure activity each month, Saccacio said. Notices in NorthCarolina dropped 66% in September from the prior month.
|Foreclosure filings were reported on 265,968 properties inSeptember.
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