Foreclosure Notices Down From 2010

The number of San Diego County homes in danger of foreclosure dropped by 14 percent in the third quarter of the year, compared to the same period in 2010, a real estate information service reported Tuesday.

Lenders sent default notices to 5,048 homeowners in San Diego County in the third quarter, down from last year's third-quarter total of 5,869, according to La Jolla-based MDA DataQuick.

Statewide, default notices were sent to 71,275 homeowners in the third
quarter of the year, DataQuick reported. That was a 25.9 percent jump from the
previous quarter's 56,633 notices but down 14.4 percent from the third quarter
in 2010, when 83,261 default notices were sent.

“The way it looks right now, it's reasonable to expect default filings
to run at a somewhat higher level than we saw earlier this year,” said John
Walsh, MDA DataQuick president. “Obviously, some lenders and loan servicers
have begun to plow through their backlogs of delinquent loans more
aggressively.”

Default notices do not always lead to a home foreclosure, according to
DataQuick. Some homeowners emerge from the foreclosure process after becoming current with their payments, or by refinancing or selling the home.

– City News Service