Initial foreclosure filings fall 11.9% in fourth quarter
Fewer California borrowers entered foreclosure during the final three months of the year, according to new data. But the holiday respite, coming after a sharp summer increase in new defaults, may not last.
The number of California homes entering foreclosure in the fourth quarter fell 11.9% from the same period in 2010 to the second-lowest level over the last four years, said DataQuick, a real estate information firm in San Diego. A total of 61,517 notices of default, which are filed to initiate foreclosures, were recorded on California properties during the fourth quarter. That was a 13.7% drop from the third quarter of 2011.
Some economists say California and other states will probably see an increase in foreclosure actions as banks deal more aggressively with seriously delinquent mortgages. That increase probably will push home prices lower.
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