Subsiding tide of California foreclosures?

DataQuick reports decline in share of REO sales

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.