California foreclosures down 23% in January

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ForeclosureRadar, the online seller of default data, says California homes sold at foreclosure auctions were down 23% in January from a year ago. The company attributes the drop to big banks being preoccupied with their mergers and thus too swamped to deal with defaults. Lenders say there may be something to that, but they’re also working to modify loans to avoid foreclosures. Here’s the Times story.

--Peter Y. Hong