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Western states see decline in foreclosure starts

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Foreclosure starts fell sharply in California and Arizona from July to August, and were up only slightly in Nevada, "putting a nail in the coffin" of theories that there will be a wave of foreclosure sales after the election, according to public records aggregator ForeclosureRadar.ForeclosureRadar, which tracks properties through the foreclosure process in five Western states, said foreclosure starts were down 23.6 percent in California from July to August, to 16,590. That represented a 49.1 percent decline from a year ago.Notice of trustee sale filings -- the final notice homeowners receive before a sale -- were also down 9.8 percent from month to month, to 15,386, a 36.9 percent drop from a year ago.Although 5,929 California properties went back to banks as "real estate owned" (REO) in August -- a 30.3 percent increase from July -- that represented a 46.7 percent drop from a year ago. Sales to third-parties were up 14.45 percent from July, to 3,755, about the same...