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Foreclosures Plummet to Low in California

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San Diego-based research firm DataQuick recently unveiled figures that show the number of foreclosure notices sent to consumers during the second quarter of the year fell significantly from one period to the next as well as on a year-over-year basis, according to a report from the Los Angeles Times. These notices – the first step in the foreclosure process – dipped 19.2 percent from the second quarter of 2010 and 17 percent from the previous quarter to the lowest levels seen since 2007.

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Meanwhile, the number of homes actually seized by banks dropped 10.9 percent on a year-over-year basis and 1.4 percent from the first quarter, the report said. It now takes the average California home about 10 months to go from default notice to seizure, up from 9.1 months in both the previous quarter and the same period last year.

“Homeowner distress spreads fastest when home price declines are steepest,” DataQuick President John Walsh said, according to the Times. “And it now appears likely that, barring some new economic shock, the worst of the price declines are behind us.”

California, along with states such as Arizona, Nevada and Florida, is among the states hit hardest by the foreclosure crisis, according to RealtyTrac, and thousands in the state have lost their homes as a result.

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Image by Mike Licht, via Flickr

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