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Foreclosures drop in Riverside County


Friday, July 23rd, 2010
Issue 29, Volume 14.


The number of Riverside County homes slipping toward foreclosure dropped by 49.2 percent in the second quarter of this year, compared to the same period in 2009, a real estate information service reported Wednesday.

Lenders sent default notices to 7,266 homeowners in Riverside County in the second quarter, down from the previous year’s second-quarter total of 14,302, according to La Jolla-based MDA DataQuick.

Statewide, default notices were sent to 70,051 homeowners in the second quarter of the year, DataQuick reported. That was a 13.6 percent decrease from the previous quarter’s 81,054 notices and down 43.8 percent from the same quarter in 2009, when 124,562 default notices were sent.

The total was the lowest since the second Advertisement
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quarter of 2007, when 53,943 default notices were sent.

"Obviously, motivated sellers and accommodating lenders have played a part in bringing the default filings down, especially when it comes to short sales," said John Walsh, MDA DataQuick president. "Public policy has also been a factor. We also need to remember that prices have come up off bottom over the past year.

"If they continue to rise, fewer homeowners will find themselves under water, which is a significant factor in letting a home go," he said.

Default notices do not always lead to a home foreclosure, according to DataQuick. Some homeowners emerge from the foreclosure process by bringing their payments current, refinancing or selling the home.


 

1 comments


Comment Profile Imageyea right!!!!
Comment #1 | Tuesday, Jul 27, 2010 at 12:04 am
This is another spin to fake the recovery. Foreclosures will sky rocket at end of 2010 beginning 2011 due to inventory held back. This is market manipulation by banks controlled by wallstreet. All of us sheep will believe anything that favors our materialistic way to continue our ignorance. Im sorry my fellow brothers, but atleast one generation needs to pay for our Baby Boomer greeed. That generation wantsto blame the generation X for being lazy. We learned all we know from you, so please tell us the truth about our loss of morals and let us hit economic bottom without you Baby Boomers too worried about your retirement.You dont see the long term moral debt you have inherited us. Stop worrying about your toys and gambling habits and teach your offspring how to deal with the coming change to our nation from the top to one of the top. Dont scream at me since you helped and started this decadence. Thanks to all of you and good luck in Bingo tonight. Cheers with your white zinfandel but you are closer to our maker than newer generations. I suggest learning to pray and humility. Good bye and good retirement,while the funds last.

Article Comments are contributed by our readers, and do not necessarily reflect the views of The Valley News staff. The name listed as the author for comments cannot be verified; Comment authors are not guaranteed to be who they claim they are.

 

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