Fewer Foreclosures in California in 2002
Fewer California homes fell into foreclosure in 2002, but loan problems grew significantly in Northern California, which has been hard hit by job losses.
Statewide, foreclosure proceedings were started on 78,784 homes, a 2.7% drop from the previous year, according to DataQuick Information Systems.
The 2002 figures were the lowest since 1992 when DataQuick began tracking “Notices of Default” filings, the first step in the foreclosure process.
Foreclosures dropped even more sharply in Southern California, down 8.5% to 43,921. In Northern California, however, they jumped 23% to 12,993.
Statewide, about 80% of the homeowners who were in default last year avoided losing their properties to lenders by making overdue loan payments or selling their homes and paying off their mortgages, according to DataQuick.
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