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Foreclosure process slows in California

Report: Default notices fall 44.6% year-over-year in March

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It took banks 27.9 percent longer, or 225 days, to foreclose on a property in California last month than it did in March 2009, and 0.45 percent longer than it did in February, according to data tracked by foreclosure data company foreclosure process is likely to take longer in the future, the report said, since banks delayed sending notice of trustee sale filings to borrowers until an average of 188 days had passed since the notice of default, up from 142 days in February. That extra delay pushed ForeclosureRadar's preforeclosure inventory estimate up 12.6 percent to 157,768, compared to February. The inventory estimate fell 12.1 percent year-over-year in March. The inventory of bank-owned properties (REOs) in California dropped 26.5 percent year-over-year and 1.4 percent month-to-month, ForeclosureRadar reported.Foreclosure filings have dived since last year, "when lenders caught up on a backlog of filings after delays caused by new notice require...