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by CareyBot

Lenders sent California homeowners the highest number of mortgage default notices in more than a decade during the second quarter, the result of flat or falling prices, anemic sales and a market struggling with the excesses of the 2004-2005 home-buying frenzy, a real estate information service reported. Lenders filed 53,943 notices of default (NoDs) during the April-through-June period, up 15.4 percent from 46,760 for the previous quarter, and up 158 percent from 20,909 for second-quarter 2006, according to DataQuick Information Systems of La Jolla. Last quarter's default level was the highest since 54,045 NoDs were recorded statewide in fourth-quarter 1996, DataQuick reported. By contrast, defaults peaked in first-quarter 1996 at 61,541 and reached a low of 12,417 in third-quarter 2004. A...