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Default Notices Decline in California

Posted on Wednesday, July 20, 2011 9:31am

A new survey says fewer California homeowners are receiving notices of default compared to last year.  A notice of default is the first step in the foreclosure process.

Andrew Lepage is an analyst with Data Quick. He says in the second quarter of this year, more than 56 thousand home owners received notices. That was down 19 percent from last year.

“The economy has gotten better, albeit slowly and modestly. The housing market has seen more stability in the last year or two,” said Lepage.  ”We saw some price depreciation out there in some areas, but the picture is stronger today than it had been over the last few years. ”

Yolo, Stanislaus and Madera counties had the biggest drop in notices from year-to-year. The average price of a home dropped another seven percent statewide. The median price is now 250 thousand dollars in California.

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