Monday, July 23, 2012
Fewer California homes were repossessed during the second-quarter, according to new data out Monday.
A new report out today Monday said foreclosure activity in California dipped to a five-year-low between April and June. More than 21,800 homes were repossessed in California during the second-quarter - down forty-eight point five percent from the same period last year.
“We haven’t seen numbers this low since the second-quarter of 2007," commented Andrew LePage with DataQuick, the San Diego-based real estate information service that released the numbers.
A little more than 54,600 homes got a “notice of default,” the first step in the foreclosure process, between April and June. That was down three-point-six percent from the second-quarter of 2011.
LePage attributed the declines to several things such as “the economy’s gotten a little better, hiring’s picked up a little bit in the state and because of that there’s just less distress out there caused by layoffs and declines in household income.”
LePage said foreclosures accounted for nearly thirty percent of all California re-sale activity last quarter - down about five percent from the previous three months.