It Pays To Live In California, Read Below!
California home foreclosures hit five-year low
"SAN DIEGO -- Home foreclosure activity in California has fallen to five-year lows, easing concerns there might be a flood of distressed sales to slow or even reverse the housing market's recovery. There were 54615 default notices filed on houses and ...
SAN DIEGO -- Home foreclosure activity in California has fallen to five-year lows, easing concerns there might be a flood of distressed sales to slow or even reverse the housing market's recovery.There were 54,615 default notices filed on houses and condominiums from April through June, down 3.6 percent from 56,633 during the second quarter of last year, according to research firm DataQuick. It was the lowest tally since the second quarter of 2007 and down 60 percent from the peak of 135,431 in the first quarter of 2009.An improved housing market and a "burning off" of loans from the peak of the housing bubble between 2005 and 2007 has contributed to the drop, DataQuick said. Also, more homeowners with troubled mortgages are turning to "short sales" -- transactions in which the sales price is below the amount owed on the property.The numbers provide more evidence that California's housing market is on the mend even as doubts persist that foreclosures may rise again."The big caveat is there are still a lot of people in trouble and it's not clear how many will be foreclosed upon," DataQuick analyst Andrew LePage said Tuesday"
http://www.mercurynews.com/real-estate/ci_21149381/california-home-foreclosures-hit-five-year-low
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