California foreclosure picture improved in April

Inman News reported that for the first time since January, foreclosure filings declined on a month-to-month basis in April.  Inman based this on a report from the data company ForeclosureRadar.

Quoted from the Inman article, “‘The steady rise in cancellations leads us to believe that loan modifications and short sales are gaining traction’, said Sean O’Toole, found and CEO of ForeclosureRadar.com, in a statement.”  He did add this, “‘I’d caution, however, that cancellations also occur due to filing errors and extended postponements, which require the notice of trustee sale to be refiled.  In fact, 14.6 percent of new notice of trustee filings in April were on previously canceled foreclosures.'”