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California foreclosure activity falls in Q3

Notices of default concentrated in low-end markets

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Fewer California homeowners received notices of default and had their homes foreclosed on in the third quarter compared to the same period last year, according to a report from real estate information company MDA DataQuick. The number of houses and condos foreclosed on fell 4.8 percent from the second quarter and 9.3 percent from 2009's third quarter, to 45,377. These figures are based on records of trustee's deeds, which in most cases transfer ownership of a property to the lender.The third quarter's level of trustee's deeds was 42.9 percent below an all-time high of 79,511 in third-quarter 2008, according to the report. Notices of default rose 18.9 percent quarter-to-quarter, but fell 25.5 percent compared to last year's third quarter, to 83,261. That's 38.5 percent below a peak of 135,431 in 2009's first quarter, but 81.2 percent above the quarterly average of 45,940 over the past 15 years. "Over the past year, with some minor ups and downs, financial institutions and their ...