Industry NewsMarkets & Economy

Dropoff in California foreclosures

Market conditions, lender policies could be factors

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Foreclosure filings have fallen dramatically in California from a year ago, but it's hard to say why, according to a new report from real estate information service MDA DataQuick.Lenders filed 81,054 notices of default (NODs) during the first three months of the year, a 4.2 percent decline from the fourth quarter of 2009 and a 40.2 percent drop from the record level seen a year ago, DataQuick said.It's unclear how much of the drop is due to shifts in market conditions and how much is because of changes in lenders' policies, DataQuick President John Walsh said in a company announcement."We are seeing signs that the worst may be over in the hard-hit entry-level markets, while problems are slowly spreading to more expensive neighborhoods," Walsh said. "We're also seeing some lenders become more accommodating to workouts or short sales, while others appear to be getting stricter about delinquencies. It's very noisy out there."In ZIP codes where median home sale prices w...