Home Foreclosures Down Again in 1998

For the second consecutive year, the number of California homes that went into foreclosure declined in 1998 as sales and prices continued to rise, a real estate information service reported. Formal foreclosure proceedings were begun on 122,775 residential properties in 1998, down 13% from 141,080 the year before, said John Karevoll, an analyst for La Jolla-based Acxiom/DataQuick. Foreclosure activity last year was at its lowest level since 1994, when 122,530 homes went into default. The numbers measure recorded notices of default, the first step of the foreclosure process. In Los Angeles County, the number of homes entering foreclosure in 1998 dropped by 9.1% from the previous year, and Orange County’s drop was a dramatic 27.3%.