California foreclosure rate eases in February

California's foreclosure rate fell in February compared to January but was up from the fourth-quarter 2007 average, research and data company ForeclosureRadar reported Wednesday.

Foreclosure sales at auction in the state fell 15 percent compared to January, with 16,931 sales at a combined loan value of $6.85 billion. Notices of default dropped 7.6 percent to 37,362, and notices of trustee sale (which set the auction date and time) fell 20 percent.

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