Foreclosures in State Fall to a 13-Year Low
Foreclosure activity in California dropped to its lowest level in more than 13 years in 2004, thanks to robust home sales and rising prices, DataQuick Information Services reported.
Lending institutions sent default notices to 56,125 homeowners last year. That was down 33% from 83,600 in 2003.
Every California county saw a decrease in foreclosure activity, and the decline was strongest in Los Angeles County, where the rate of default notices dropped 48.5%, DataQuick said.
Only about 10% of homeowners in the default process actually lose their homes to foreclosure, DataQuick said. Most are able to stop the process by making their mortgage payments current or by selling their home and paying off their home loan.
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Annette Haddad
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