Foreclosures Continue to Decline

Lending institutions are starting fewer foreclosure proceedings on Southern California homeowners than they were a year ago, indicating that much of the economic distress caused by the drop in real estate values has worked its way through the market, a real estate information service reported.

Lenders started foreclosure proceedings on 7,259 Southland homeowners in May, down 3.1% from 7,495 in April and down 14.8% from 8,521 in May a year ago, Dataquick Information Systems of La Jolla reported.

Year-to-date figures show that foreclosure activity is down in Los Angeles, San Diego and Ventura counties.

Southland Foreclosures

County Jan.-May, Jan.-May, Percent 1993 1994 Change Los Angeles 17,037 16,881 -0.9% Orange County 4,894 5,112 4.4% San Diego 4,084 4,017 -1.6% Riverside 4,661 4,874 4.6% San Bernardino 4,535 5,319 17.3% Ventura 1,355 1,182 -12.8% So. California 36,566 37,385 2.2%