California Mortgage Defaults Hit Three-Year Low

The number of California homeowners entering foreclosure dropped to its lowest level in three years during the second quarter of 2010, according to the San Diego-based real estate research firm MDA DataQuick.

Lenders filed a total of 70,051 notices of default (NODs) with county recorder offices during the April-to-June period, DataQuick reports. NODs represent the first step in the foreclosure process in California.

Second-quarter NODs were down 13.6 percent from the prior quarter and 43.8 percent from the same period in 2009. DataQuick says last quarter’s total was the lowest it’s recorded since the second quarter of 2007, when 53,943 NODs were filed. The peak was hit in the first quarter of 2009 when 135,431 homeowners received default notices.

While mortgage defaults spread from lower-cost sub-markets up into more expensive neighborhoods over the last year, DataQuick says that trend appears to be leveling off…

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