This winter and spring saw a major decline on the number of foreclosure actions due to moratoriums on foreclosures and the fact that many lenders wanted to wait and see what the Obama Housing plan would do. February had the lowest level of NOD (Notice of Default) filings since 2007, but March saw a huge increase of NOD filings.
Here is a short clip from
CNBC
provided by
Mortgage News Daily
about the record number of NOD’s in California.
Foreclosures by major banks are surging once again even as the Obama mortgage rescue plan kicks into gear, reports CNBC's Diana Olick.