California Default Notices Drop To Lowest Level In 4 Years
LOS ANGELES (AP) — Mortgage default notices in California have dropped in the second quarter of 2011 to their lowest level in four years.
The tracking firm DataQuick said Tuesday that the decline was a result of a more stable housing market as well as policy changes in the mortgage servicing industry.
The San Diego-based firm says there were around 56,600 default notices filed in California from April through June. That’s down about 19 percent from more than 70,000 during the same period a year earlier.
The latest tally is also down 17 percent from some 68,200 default notices filed from January through March and is well under half the roughly 135,400 notices filed when defaults peaked in the first quarter of 2009.
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