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Report: Foreclosure Starts Plunge To Seven Year Low

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(Sacramento, CA)
Tuesday, April 23, 2013

Research firm DataQuick says California saw an unusually sharp drop in the number of foreclosure starts from January to March.

"Statewide, in the first quarter of this year, notices of default dropped to the lowest level in just over seven years, since the fourth quarter of 2005."

DataQuick Analyst Andrew LePage says foreclosure starts dropped by 67% year-over-year and more than 50% quarter-to-quarter.   
LePage attributes part of the drop in foreclosures to an improving economy and rising home prices. Another reason is a new state law to protect homeowners.
"What they call the 'Homeowner Bill of Rights' that kicked in January 1st and it looks like it's taking the lending industry a while to adjust to that."
LePage warns - once lenders do fully adjust, default notices could edge up later in the year.
The median sales price for a California home last quarter was $297,000, up 22.7 percent from a year ago.


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