Homes in Foreclosure Decreased 8.8% in 1998

The number of Ventura County homes that went into foreclosure declined 8.8% last year as sales and prices continued to rise, a real estate information service reported.

Formal foreclosure proceedings were started on 1,954 residential properties in Ventura County in 1998, compared to 2,142 the year before, according to Acxiom Corp.’s DataQuick Products Division.

Foreclosures also declined statewide, with notices of default filed against 122,775 properties, a 13% drop from 141,180 the year before. Foreclosure activity in California hit its lowest level since 1994, when 122,530 homes went into default.

“If a homeowner can’t make the mortgage payments, it’s a lot easier to sell and pay the mortgage off today than it was back when prices were depressed,” said Mike Ela, leader of the DataQuick Products Division.

Last year’s decline in foreclosure activity was strongest in the Bay Area and weakest in the Central Valley. Bay Area home prices recovered earlier and faster than the rest of the state. Toward the end of last year, the decline became strongest in Southern California.

DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.

The numbers in the report count recorded notices of default, the first step of the foreclosure process.