California Sees Foreclosures Drop
The number of California homes going into foreclosure declined during the first quarter of this year as a result of strong housing demand and rising prices, according to Inman News Features.
Lending institutions started foreclosure proceedings on 20,093 homeowners during the January to March period, up 4.5% from the prior quarter, but down 14.2% from the first quarter of last year, according to DataQuick Information Systems and Inman.
An increase in the first quarter is normal for the season, according to Inman.
The peak in California foreclosures came during the first quarter of 1996, when lenders started foreclosure proceedings on 44,665 homeowners. The numbers count "notices of default" - the first step in the foreclosure process.
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