Three and a half years after peaking, the number of California homes entering the foreclosure process fell last quarter to the lowest level since the early stages of the housing bust, according to new data released by San Diego-based DataQuick.
DataQuick reports that mortgage default filings hit their lowest point since the first quarter of 2007, due in large part to a stronger economy, an improving housing market and more short sales, a real estate information service reported. A total of 49,026 notices of default were recorded on residential properties during the third quarter, down 10.2% from 54,615 in the second quarter and down 31.2% from 71,275 in the third quarter of 2011.
Short sales made up an estimated 26% of statewide resale activity last quarter, up from an estimated 24% in the second quarter and up from 19% from the third quarter of 2011.
Foreclosure resales accounted for 20% of all California resale activity last quarter, down from a revised 27.8% the prior quarter and down 34.2% from the same period a year ago. The figure peaked at 57.8% in the first quarter of 2009.