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DataQuick: Fewer California Homes Repossessed In Second Quarter

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(Sacramento, CA)
Monday, July 23, 2012

More than 21,800 homes were repossessed in California during the second-quarter…down 48.5% from the same period last year.

"We haven't seen numbers this low since the second-quarter of 2007."

Andrew LePage is with DataQuick, the San Diego-based real estate information service that released the numbers.
A little more than 54,600 homes got a "notice of default," the first step in the foreclosure process, between April and June. That was down 3.6% from the second-quarter of 2011.
LePage attributes the declines to several things:
"The economy's gotten a little better, hiring's picked up a little bit in the state and because of that there's just less distress out there caused by layoffs and declines in household income."
LePage says foreclosures accounted for 27.9% of all California re-sale activity last quarter…down about 5% from the previous three-months.
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