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Foreclosures account for one in three California resales

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Sales of foreclosed properties accounted for one in three of existing-home sales in California during the first quarter, compared with 3.2 percent a year ago, according to data aggregator DataQuick Information Systems. Foreclosure resales varied "significantly" by area, DataQuick said, from 5.1 percent of sales in San Francisco County to 66.7 percent in San Joaquin County. The number of default notices sent to California homeowners during the first quarter rose 143 percent from a year ago, putting the number of homes headed into foreclosure at the highest level recorded by DataQuick since it began tracking that statistic in 1992. Lenders sent out 113,676 default notices between January and March of this year, a 39.4 percent increase from 81,550 the previous quarter, and a nearly threefold increase from 46,760 notices mailed in the first quarter of 2007. DataQuick said the median age of loans that defaulted in the first quarter was 23 months, up from 16 months ...