California Foreclosures Down.Business Editors/Real Estate Writers LA JOLLA La Jolla (lə hoi`yə), on the Pacific Ocean, S Calif., an uninc. district within the confines of San Diego; founded 1869. The beautiful ocean beaches, in particular La Jolla shores and Black's Beach, and sea-washed caves attract visitors and , Calif.-(BUSINESS WIRE)--Nov. 10, 2000--The number of California homes going into foreclosure foreclosure Legal proceeding by which a borrower's rights to a mortgaged property may be extinguished if the borrower fails to live up to the obligations agreed to in the loan contract. continued to decline last quarter, the result of a strong economy and rising home values, a real estate information service reported. Lending institutions Noun 1. lending institution - a financial institution that makes loans financial institution, financial organisation, financial organization - an institution (public or private) that collects funds (from the public or other institutions) and invests them in started foreclosure proceedings on 21,006 homeowners during the third quarter of this year. That was down 2.0 percent from 21,440 for the previous quarter, and down 12.9 percent from 24,111 for the third quarter a year ago, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. DataQuick Information Systems. Last quarter's number was the lowest since 18,806 for first-quarter 1992. The all-time peak was first-quarter 1996 when 44,665 homes went into foreclosure. "We may be nearing a point where the numbers stop declining. There is a base level of foreclosure activity, and we may be near it. Even in the best of economic times, some households can experience financial turbulence," said Mike Ela, DataQuick president. The number of foreclosure proceedings actually increased slightly in the Bay Area, from 2,664 in the second quarter to 2,710 in the third. In Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, the number decreased from 12,634 to 12,154. The real estate market in the Bay Area recovered well ahead of markets in the rest of the state, and is probably flatening out. DataQuick, a business unit of Vancouver-based MacDonald Dettwiler MacDonald, Dettwiler and Associates Ltd. (TSX: MDA) is a Richmond based, Canadian information services and products company, employing over 3000 people throughout Canada, the United States and the United Kingdom, under the MDA brand name. and Associates, monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts. The numbers count recorded Notices of Default, the first step of the formal foreclosure process. Foreclosure activity tends to decline when home prices go up, because homeowners can sell for more than they owe on the property. The median price paid for a California home was $210,000 during the third quarter. That was up 11.1 percent from $189,000 a year ago. Two-thirds of all homeowners in default are able to stop the foreclosure process by bringing their mortgage payments current, or by selling their home and paying the mortgage off. Two years ago, only half the distressed homeowners were able to do that. Tulare, Fresno and Kern counties have the highest foreclosure rates, while Marin, San Mateo San Mateo (săn mətā`ō), city (1990 pop. 85,486), San Mateo co., W Calif., on San Francisco Bay; inc. 1894. It is a commercial and retail center with some high-technology manufacturing. San Mateo, Spanish for St. and San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden counties have the lowest. Eds: Numbers are available for individual counties. For more information call John Karevoll (909) 867-9534 |
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