Industry News

Subsiding tide of California foreclosures?

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The number of California homes that entered the foreclosure process during the second quarter fell for the fifth straight quarter, to the lowest level since second-quarter 2007, research company MDA DataQuick reported today. The company reported that 70,051 notices of default were filed at county recorder offices in California during the second quarter, down 13.6 percent from the first quarter and down 43.8 percent compared to second-quarter 2009. Also, the share of resale, foreclosed homes sold in the state dropped to 36 percent in the second quarter, down from 49.9 percent in second-quarter 2009 and 42.5 percent in first-quarter 2010. NODs, which mark the formal entry of a home into the foreclosure process in California, peaked at 135,431 in first-quarter 2009. The share of foreclosure resales ranged from 9.5 percent in the San Francisco area to 61.7 percent in the Imperial Valley area during the second quarter, DataQuick reported. "Obviously, motivated sellers and a...