FEWER FORECLOSURES DOT THE HOUSING LANDSCAPE

The number of OC homes facing foreclosure fell 55% over the previous 9 months ending in February, a decrease of nearly 5,000 properties that were previously in some form of foreclosure, according to CoreLogic. Another data provider, DataQuick, had a similar report. Southern California, comprised of Ventura, LA, San Bernardino, Riverside, Orange, and San Diego counties, reported 20,879 Notices of Default for 4th quarter 2012 as compared with 34,013 for the same period 2011. Orange county went from 4,297 to 2,169 and that is how the 55% decline is figured. Part of the decline is in response to new foreclosure laws which require an additional 30 day warning period in writing before the NOD can be placed on a property. Lenders are preferring to have properties go through a short sale. Thankfully, lenders are catching up with the learning curve and most now have procedures in place which actually can expedited the short sale process.