Foreclosure cancellations in California rose 40 percent in November, according to a report from ForeclosureRadar.com, which tracks foreclosures in the state.
Average daily foreclosures filings also declined 1 percent in November, while notices of trustee sales fell 13.4 percent, the site reports.
We've been waiting to see some impact from the Home Affordable Modification Program, says Sean O'Toole, founder and CEO of ForeclosureRadar.com. The 40 percent increase in cancellations this month is likely just the beginning of what we expect will be a wave of cancellations under this program.
Source: HousingWire.com, Jon Prior (12/16/2009)