Foreclosure Proceedings Drop 15.5% in County
The number of foreclosure proceedings in Ventura County dropped 15.5% in February from the preceding month, following a state trend of decline from last year’s all-time high, an industry tracking company said.
The number of mailed default notices sent by lending institutions--the first step in the foreclosure process--was down 16.8% in Ventura County from February 1996.
Statewide, default notices were sent to 12,684 homeowners in February. That was down 12.9% from January and 8.5% from February 1996, Axiom/DataQuick Information Systems reported.
In Los Angeles County, lenders issued 20% fewer notices in February than in January. The figure was down 16.1% from February 1996.
The year-to-year drop was 39.2% in Orange County and 34.2% in San Diego County.
Last year, banks and other lenders foreclosed on more than 92,000 California homes, the highest rate since 1989. Analysts said there was unusually high activity last year as lenders rushed to clear their books of problem loans.
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