"California's foreclosure crisis eased considerably during the final quarter of last year, with the number of homes entering foreclosure dropping to a six-year low.
The steep decline, accompanied by a similar drop in home
repossessions, clears the path for a quickened pace of recovery this
year. Fewer foreclosures on the market should lead to higher home prices
and a healthier real estate market.
"Ultimately, fewer foreclosures means an even tighter market, which
means a more rapid recovery," said Christopher Thornberg, a principal at
Beacon Economics. "I see very little to forestall the real estate
market this year."
The real estate research firm
DataQuick reported a 22.1% decline in default notices during the final
three months of 2012 compared with the previous quarter — and a 37.9%
drop from a year earlier. A total of 38,212 default notices were logged
on California houses and condominiums last quarter, the lowest number
since the final quarter of 2006. A default notice is the first formal
step in the state's foreclosure process.
Since the number of new foreclosure cases peaked in earl."
Hopefully a good sign.