Digital News Report – California home foreclosures declined in the fourth quarter of 2009, according to DataQuick. The company says there are signs “signs that the worst may be over in hard-hit entry-level markets.”
There were 84,568 Notices of Default from October to December. That is down 24.3 percent from 111,689 for the prior quarter, but up 12.4 percent from 75,230 in fourth-quarter 2008.
The first quarter of 2009 saw the most notices. There were 135,431 that quarter, but NOD quickly fell off to 124,562. The company believes that the number may be declining because homeowners are working with lenders.
“Clearly, many lenders and servicers have concluded that the traditional foreclosure process isn’t necessarily the best way to process market distress, and that losses may be mitigated with so-called short sales or when loan terms are renegotiated with homeowners,” said John Walsh, DataQuick president.
By: Tina Brown