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New foreclosure actions in California drop to 2007 level

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The number of new foreclosure actions on California homes dropped to its lowest level in close to five years during the first three months of the year.

Banks filed a total of 56,258 notices of default on California homes in the first quarter, San Diego real estate research firm DataQuick reported.

That was an 8.5% decline from the prior quarter and a 17.6% plunge from the same period a year prior. The notice of default is the first formal action taken by banks in the foreclosure process. Last quarter’s tally was the lowest since the second quarter of 2007.

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The number of homes lost to foreclosure also declined, by 3.2% from the prior quarter and 29.7% from the same period a year prior. A total of 30,261 trustees deeds were recorded against homes in California counties during the first three months of the year.

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