• Foreclosures

    LOS ANGELES (CNS) – The number of Los Angeles County homes slipping
    toward foreclosure dropped by 6.1 percent in the second quarter of 2012,
    compared to the same period last year, a real estate information service
    reported today.
    Lenders sent default notices to 10,568 homeowners in Los Angeles County
    in the second quarter, down from the 2011 second-quarter total of 11,250,
    according to San Diego-based DataQuick.
    In Orange County, default notices were sent to 3,599 homeowners, down
    2.9 percent from the 2011 second-quarter total of 3,705.
    Statewide, default notices were sent to 54,615 homeowners in the second
    quarter of the year, DataQuick reported. That was a 2.9 percent drop from the
    previous quarter’s 56,258 notices and down 3.6 percent from the second quarter
    in 2011, when 56,633 default notices were sent.
    “The foreclosure process has always been the sanitation department of
    the housing sector,” said John Walsh, DataQuick president. “It’s where
    financial distress is processed. The question is whether these lower (default
    notice) numbers mean that there’s less distress to process, or if we’re just
    seeing distress get processed at a slower pace.”
    Default notices do not always lead to a home foreclosure, according to
    DataQuick. Some homeowners emerge from the foreclosure process by bringing
    their payments current, refinancing or selling the home.

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