State foreclosures reach 11-year low
From Times wire services
Fewer California homeowners faced foreclosures in 2002 than the previous year. DataQuick Information Systems reported the 78,784 homeowners statewide whose lending institutions began foreclosure proceedings last year was the lowest number since DataQuick began compiling default data in 1992 and was down 2.74% from 81,003 in 2001.
Default activity peaked in 1996, when 162,597 homes went into foreclosure. The numbers include Notices of Default, the first step of the formal foreclosure process.
Foreclosure activity in Southern California fell 8.5% to 43,921 in 2002 from 48,017 in 2001. Default activity in the San Francisco Bay Area rose 23% to 12,993 from 10,567.
