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by CareyBot

Foreclosure cancellations in California skyrocketed 174 percent year-over-year in April, according to a report by foreclosure data company ForeclosureRadar. At the same time, foreclosure filings in the Golden State fell month-to-month for the first time since January. Notices of default fell 41.2 percent year-over-year and 16 percent month-to-month, while notices of trustee sale were down 3.1 percent year-over-year and 10.3 percent month-to-month. Cancellations jumped 11.4 percent month-to-month and 174.4 percent since April 2009. "The steady rise in cancellations leads us to believe that loan modifications and short sales are gaining traction," said Sean O'Toole, founder and CEO of ForeclosureRadar.com, in a statement. "I'd caution, however, that cance...