latimes.com/business/la-fi-foreclose21-2009oct21,0,7383725.story
latimes.com
Pace of foreclosures slows in California
Third-quarter declines in defaults and repossessions are probably due to an increase in loan modifications and lenders' reluctance to put more distressed properties on the market, data firm says.
By Peter Y. Hong
5:11 PM PDT, October 20, 2009
Fewer Californians entered the foreclosure process and fewer homes were repossessed by lenders during the third quarter, a real estate information firm reported today.
FOR THE RECORD: An earlier version of this article incorrectly stated that notices of default in California fell 19% from July through September compared with the prior three months. In fact, notices of default fell 10% from July through September compared with the prior three months but were up 19% from the same period in 2008.
Notices of default, which are issued when a borrower misses several mortgage payments, fell 10% from July through September compared with the prior three months, and were up 19% from the same period in 2008. But home repossessions were down 37%, according to MDA DataQuick, a San Diego-based research firm.
DataQuick said the declines were probably due to efforts by lenders to modify loan payments or postpone foreclosures as the possibility of further government intervention looms.
"It may well be that lenders have intentionally slowed down the pace of formal foreclosure proceedings. If so, it's not out of the goodness of their hearts. It's because they've concluded that flooding the market with cheap foreclosures in this economic environment may not be in their best financial interest," said John Walsh, DataQuick president. "Trying to keep motivated, employed homeowners in their homes might be the most cost-efficient way to stem losses."
Notices of default totaled 111,689 in the third quarter; home repossessions numbered 50,013. There are 8.5 million homes in California, DataQuick said.
peter.hong@latimes.com
Copyright © 2009, The Los Angeles Times
On Thu, Oct 22, 2009 at 2:06 PM, <alfonso.lawofpek@gmail.com> wrote:
This story was sent to you by: Alfonso
Here is the story you wanted from the Times.
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Pace of foreclosures slows in California
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Third-quarter declines in defaults and repossessions are probably due to an increase in loan modifications and lenders' reluctance to put more distressed properties on the market, data firm says.
By Peter Y. Hong
October 20 2009, 5:11 PM PDT
Fewer Californians entered the foreclosure process and fewer homes were repossessed by lenders during the third quarter, a real estate information firm reported today.
The complete article can be viewed at:
http://www.latimes.com/business/la-fi-foreclose21-2009oct21,0,7383725.story
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