Number of Foreclosures at lowest level since 2007
Tuesday, July 19, 2011 at 10:02PM Alejandro Lazo of the L.A. Times reports on Wednesday that the number of Californians entering foreclosure dropped sharply in the second quarter to the lowest level since 2007, "a sign the foreclosure crisis in the Golden State could be easing as the housing market stabilizes and regulators increase scrutiny of lenders."
According to stats from DataQuick, notices of default filed against California homes dropped 17% from the previous quarter and 19.2% from the same period last year.
DataQuick President John Walsh attributed the second-quarter declines to a steadier housing market. "Homeowner distress spreads fastest when home price declines are steepest," Walsh said in a statement. "And it now appears likely that, barring some new economic shock, the worst of the price declines are behind us."
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