California News

Rate of California home foreclosures is slowing down, report says

Tuesday, July 24, 2012

The number of California homes entering foreclosure in the second quarter of the year dipped to its lowest levels since 2007, according to a real estate firm.

The report by DataQuick suggests that California's housing market crisis appears to be easting. DataQuick says 54,615 default notices were filed on homes and condos, down nearly 3 percent from the first quarter and 3.6 percent from the same period last year.

Economist John Husing said fewer foreclosures mean fewer homes on the market, and that means, "Less homes to sell, supply and demand, price starts going up. Price going up is helpful to existing homeowners because not so many of them will be underwater, which is a huge problem for us because roughly 44 percent of our homes are underwater."

Fontana resident Ashley Maxey said the street she lives on was lined with foreclosures three years ago. She said there aren't as many now.

"We actually had the most going down our street, and not any more, it looks a lot better," she said.

(Copyright ©2014 KABC-TV/DT. All Rights Reserved.)

Get more California News »


Tags:
housing market, california news, rob mcmillan
blog comments powered by Disqus
Advertisement