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Default Notices for California Homeowners at 10-Year High

More California homeowners are receiving default notices. A real estate tracking firm says the default notices jumped to their highest level in nearly 10 years. KPBS reporter Ed Joyce has more.

Default Notices for California Homeowners at 10-Year High

More California homeowners are receiving default notices. A real estate tracking firm says the default notices jumped to their highest level in nearly 10 years. KPBS reporter Ed Joyce has more.

DataQuick Information Systems says more than 400 San Diego County homeowners received default notices last month. But DataQuick's John Karevoll says, despite the record defaults, San Diego's home market is fairing better than other areas.

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Karevoll : The default picture in San Diego is actually pretty stable, it's not becoming a market factor, maybe in some neighborhoods here and there, it's not a market factor though, the way it is and will be in other parts of the state.

He says the increase in default notices is due to slow home sales and little or no appreciation in home values. The notices are the first step of the formal foreclosure process.

Ed Joyce, KPBS News.