California's Declining Foreclosure Rates Win Comment from WT Lee & Associates

PHILADELPHIA, PA, May 16, 2013 (Press-News.org) A recent report from The Los Angeles Times notes that the number of California homes entering foreclosure plummeted in the first quarter of 2013--a development that has earned a comment from WT Lee & Associates. The article contends that an improving economy, rising home prices, and recent California lender regulations all contributed to the state's declining foreclosure rates. WT Lee & Associated, a firm that seeks to assist homeowners make home payments and avert foreclosure, has released a new press statement, celebrating the positive Los Angeles Times report.

"While we are thrilled to see a reduction in foreclosures, there are still many individuals out there struggling to keep their homes with little or no assistance from the banks," WT Lee & Associates says, in its press statement. Where banks fail in assisting borrowers, the law firm endeavors to help them, offering aid in the form of home loan modifications and, when necessary, guidance through the foreclosure process. Ultimately, the firm's goal is to help homeowners remain in their homes, even through periods of economic difficulty.

Meanwhile, The Los Angeles Times reports that, during the first three months of the year, new foreclosure actions in the State of California dropped by 51 percent compared to the previous quarter, and a staggering 67 percent from the first quarter of 2012.

In total, the first quarter of 2013 brought with it 18,567 default notices in the State of California--the lowest number in more than seven years. The article suggests a strong correlation between declining foreclosures and strict new regulations on California lenders, which went into effect on January 1. These new regulations were designed to curb foreclosure abuses, the article reports.

Many experts believe that a continually improving economy is also responsible for the declining foreclosure rates. Homes are more valuable than they have been in years, making homeowners less likely to default and lifting many out of negative equity positions--that is, the position of owing more than the home is worth. Additionally, joblessness is on the decline throughout the state. The article notes that economic circumstances are so favorable that many individuals previously burned by foreclosure are being lured back into home ownership.

WT Lee & Associates is a law firm devoted to helping its clients, from around the nation, avert foreclosure and short sale, make their housing payments more affordable, and ultimately reach their financial objectives.

ABOUT:

WT Lee & Associates is a law office that seeks to help homeowners remain in their homes, even through periods of financial hardship. The firm offers a number of foreclosure prevention services, among them guidance through the loan modification process. Furthermore, WT Lee & Associates provides services in real estate litigation, in bankruptcy law, and in upholding the rights extended through the Fair Credit Reporting Act and the Fair Debt Collection Practices Act. Ultimately, the firm's passion is for working to help homeowners and their families find the best way forward out of economic uncertainty, and toward reaching all of their financial dreams.