California Mortgage Defaults Drop Again

Via The Street
April 19, 2011

The number of financially distressed California homeowners who were dragged into the formal foreclosure process declined again last quarter, the result of turmoil and policy changes within the mortgage industry as well as shifts in the economy, a real estate information service reported.

A total of 68,239 Notices of Default (NoDs) were recorded at county recorders offices during the January-to-March period. That was down 2.2% from 69,799 for the prior quarter, and down 15.8% from 81,054 in first-quarter 2010, according to DataQuick. The San Diego firm tracks real estate trends nationally via public property records.

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