Southern California foreclosure rates ease again
The number of Southern California homeowners in trouble on their mortgage continued to shrink at the start of the year, according to new figures from CoreLogic.
The Irvine-based data firm reported that the share of homeowners in foreclosure and of those at least 90 days behind on mortgage payments shrank to at least three-year lows in Los Angeles County, Orange County and the Inland Empire. Those numbers have fallen steadily from historic highs as the housing market has healed and home prices have climbed.
In the Los Angeles metro area, 0.76% of outstanding mortgages were in foreclosure in January and 3.01% were at least 90 days delinquent. That’s down from 1.36% and 5.05%, respectively, in the same month last year.
In Riverside and San Bernardino counties, 1.03% of loans are in foreclosure and 4.06% are 90 days delinquent, down from 1.84% and 6.78% in January 2013. Rates have fallen even faster in Orange County, where 0.47% of mortgages are in foreclosure and 1.68% are delinquent. Both have dropped by more than half over the last year.
All three Southland metro areas now sit below national averages on CoreLogic’s measures of foreclosure and delinquency.
