Industry News

California sees sharp rise in foreclosure activity

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Second-quarter California foreclosure activity rose at the fastest pace in at least 14 years, according to DataQuick Information Systems, a real estate research company. Lenders sent 20,752 default notices to homeowners statewide during the April-through-June period. That was up 10.5 percent from 18,778 the previous quarter and up 67.2 percent from 12,408 in the second quarter of last year, DataQuick reported. Last quarter's year-over-year increase was the highest for any quarter since DataQuick began tracking defaults in 1992. Despite this "second-quarter surge," defaults remained below historically normal levels, DataQuick noted. On average, lenders filed 32,762 notices of default in each quarter over the past 14 years. Last quarter's 20,752 total was the highest since 25,511 were filed in first-quarter 2003. Notices of default are formal documents filed with the county recorder's office and mark the first step in the foreclosure process. "This is an important trend to watch but do...