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."
Cochrane says the improving economy in California, as well as
rising home prices indicate the housing recovery is
here.