Foreclosure Starts Lowest Since 2006
Wednesday, January 23, 2013
New figures from research firm DataQuick show during the quarter that ended last month, lenders issued about 38,000 notices of default in California. That's down 38 percent from a year earlier…and the lowest since 2006. Steve Cochrane is with Moody's Analytics. He says fewer foreclosures mean higher prices overall…and California's ahead when it comes to dealing with foreclosures:
Cochrane: "Its process of foreclosure is an administrative one, rather than a judicial process, and so the process of managing foreclosures has been a relatively quick one relative to places like New York, New Jersey, Florida, Illinois, where a much slower judicial process has kept the pipeline fuller of foreclosures."