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California Mortgage Defaults Drop In Fourth Quarter

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  • California Mortgage Defaults Drop In Fourth Quarter

    By: Reuters | 27 Jan 2009 | 01:18 PM ET

    The number of mortgage default notices issued in California in the fourth quarter fell to its lowest level in more than a year and dropped 20.2 percent from the prior quarter and 7.7 percent from a year earlier, a report released on Tuesday by MDA DataQuick said.

    Lenders sent homeowners across the most populous U.S. state, which has many local housing markets suffering some of the highest foreclosure rates in the nation, 75,230 mortgage default notices from October through December. Default notices peaked at 121,673 in the second quarter, the real estate information service's report added.

    The declines reflect a new state law which took effect last quarter that aimed to prevent foreclosures by keeping distressed borrowers in their homes, the report said.

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    Cheers

    Marc
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