Tuesday, March 01, 2005

Forclosures Declining

I often get asked about forclosures and whether there are any available on the market. The California Association of Realtors recently reported that CALIFORNIA FORECLOSURE ACTIVITY FELL IN 2004. The number of mortgage default notices sent to California homeowners decreased by 32.9 percent in 2004, according to a recent report by DataQuick Information Systems. Strong appreciation rates and record home sales helped keep foreclosure activity to its lowest level in more than thirteen years. Lending institutions sent default notices to 56,125 homeowners in 2004, compared with 83,600 in 2003. Los Angeles and Ventura counties saw the strongest decline in foreclosures, decreasing 48.5 percent and 42.8 percent, respectively. "There's always going to be a certain level of financial stress out there," said DataQuick President Marshall Prentice. "People lose jobs, get divorced or have costly medical emergencies even in the best of times. Right now, though, because of increasing home values, virtually everyone can sell or refinance if they're really in trouble."



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