REAL ESTATE
Times Staff and Wire Reports
State’s Foreclosures Surge: A total of 15,345 California homeowners received official notices of default in January, up 21.2% from 12,664 in December and up 41.4% from 10,851 for January 1995, according to DataQuick Information Systems. The January figure is well ahead of the previous high of 12,904 recorded in October, the La Jolla company said. It said the increase was the result of tougher policies regarding mortgage delinquencies. Lenders have typically waited six to nine months before recording a notice of default, the first step of the formal foreclosure process. Investors now want that gap closed to three to four months. The default count was 10,269 in January, up 35.6% from 7,576 a year ago.
