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Number of Foreclosures in L.A. County Way Down Compared to Last Year

Lenders sent default notices to 3,836 homeowners in Los Angeles County in the second quarter, down from the 2013 second-quarter total of 5,525, according to DataQuick.

The number of homes slipping into foreclosure is slowing in Los Angeles County. Patch file photo.
The number of homes slipping into foreclosure is slowing in Los Angeles County. Patch file photo.

The number of Los Angeles County homes slipping toward foreclosure dropped by 30.6 percent in the second quarter of 2014, compared to the same period last year, a real estate information service reported today.

Lenders sent default notices to 3,836 homeowners in Los Angeles County in the second quarter, down from the 2013 second-quarter total of 5,525, according to DataQuick.

In Orange County, default notices were sent to 1,134 homeowners, down 31.3 percent from the 2013 second-quarter total of 1,651.

Statewide, default notices were sent to 17,524 homeowners in the second quarter of the year, DataQuick reported. That was an 8.8 percent drop from the previous quarter's 19,215 notices and down 31.9 percent from the second quarter in 2013, when 25,747 default notices were sent.

The second-quarter figure was the lowest for the state since late 2005, according to DataQuick.

"It looks like the mortgage services doing the foreclosure paperwork are systematically working through a backlog," according to John Karevoll, DataQuick analyst. "While their pile is getting smaller, they're working at a steady pace. With one exception, the number of (default notices) we've seen filed each quarter over the last year and a half hasn't changed much, and probably just reflects staffing and workload logistics."

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

--City News Service


Rodger Higgins July 17, 2014 at 10:46 PM
Duh, do you think possibly that there are fewer homes to foreclose now because of the mass number that were foreclosed on from 2009 until last quarter referred to? Stands a strong possible now doesn't it!

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