Fewer local, state homeowners entered foreclosure process last quarter

By Robert Lewis
rlewis@sacbee.com
Published: Tuesday, Apr. 19, 2011 – 11:13 am

The number of homeowners entering foreclosure dropped sharply regionally and statewide last quarter, according to new figures LaJolla-based researcher DataQuick Information Systems released today.

Notice of default filings dropped 19 percent in Sacramento County last quarter when compared to the first quarter of 2010. Statewide the drop was 15.8 percent.

In all 68,239 notices of default – the first step in the foreclosure process – were filed statewide from January through March. That’s the lowest quarterly total since the second quarter of 2007 when 53,493 notices were recorded, according to DataQuick.

“Lenders and servicers have put various temporary holds on foreclosure filings while they work on procedural issues and respond to regulatory and legal challenges. It’s unclear how much of last quarter’s decline can be attributed to market factors and strategic decisions, and how much can be attributed to the formalities of the foreclosure process,” John Walsh, DataQuick’s president, is quoted as saying in a press release accompanying the figures.

The actual number of completed foreclosures – based on the number of Trustee’s Deeds recorded – was up less than 1 percent statewide. In Sacramento County, there were nearly 3,100 foreclosures, an increase of 7.2 percent year over year.

The DataQuick figures come a week after another researcher, RealtyTrac, released its own foreclosure figures. That company also showed a drop in filings. RealtyTrac has, however, taken a pessimistic view of the decline – saying there is a backlog and that there could be a spike of foreclosure activity in upcoming quarters.

To see more DataQuick figures visit the firm’s website at www.dqnews.com.

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