Home Prices, New Laws Help Bring Down San Diego's Foreclosures
Tuesday, September 10, 2013
The Daily Transcript -- San Diego County’s foreclosures have mostly stabilized with the help of increasing home prices and the Homeowner Bill of Rights, according to a local expert.
Home prices have brought some underwater borrowers into positive equity, and the Homeowner Bill of Rights, a state law that went into effect on Jan. 1, made it easier for borrowers to modify their loans, said Joe Bertocchini, director of residential real estate for the Burnham-Moores Center for Real Estate at the University of San Diego.
“We’ve seen home prices go up substantially, which puts people underwater and struggling in a positive equity position, and get beyond a place where they were struggling to get ahead of the game,” Bertocchini said. (Full Story)