Source: www.calculatedriskblog.com --- Tuesday, July 23, 2013
From DataQuick: California Foreclosure Starts Up From First Quarter While up from the first quarter, the number of California homeowners entering the foreclosure process was at its second-lowest level in seven years last quarter, largely the result of a steep rise in home values, a real estate information service reported. Lenders filed 25,747 Notices of Default (NoDs) during the April-to-June period. That was up 38.7 percent from 18,568 for the previous quarter, and down 52.9 percent from 54,615 for second-quarter 2012, according to San Diego-based DataQuick. The 18,568 NoDs filed in the first quarter of this year marked the lowest quarterly total since fourth-quarter 2005, when 15,337 NoDs were recorded. In addition to less distress in the housing market pipeline, this year's remarkably low first-quarter number mainly reflected policy and regulatory changes. NoD filings plummeted early this year as a package of new state foreclosure laws - the "Homeowner Bill of Rights" - took effect on January 1. In California and other states in recent years foreclosure activity has sometimes plunged temporarily after a new law kicks in and the industry takes time to adjust. Setting aside this year's first quarter, last quarter's NoD tally was the lowest since second-quarter 2006, when 20,909 NoDs were recorded. California NoDs peaked in first-quarter 2009 at 135,431. DataQuick's NoD statistics go back to 1992. "At this point in the cycle, it ...
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