• Mortgage default filings in the state fell 31.9% to their lowest level since 2005!
• Stronger housing market & slowly improving economy is attributing to the drop in mortgage defaults
• Banks are moving more aggressively to repossess homes now that there is more value in them
The foreclosure crisis continued to ease this spring, though there are some signs that banks may be taking back more houses now that home prices are higher.
A pair of reports out Thursday show fewer homes falling into foreclosure in California in the second quarter.
San Diego-based DataQuick said the number of mortgage default filings in the state fell 31.9% in the quarter, to their lowest level since 2005. Meanwhile the number of Los Angeles-area homes that are in some stage of the foreclosure process dropped 20% in the first half of the year, according to Irvine-based data firm RealtyTrac.
Both reports suggest that the stronger housing market and slowly-improving economy, coupled with tighter lending standards in recent years, mean that fewer borrowers are in…[Read entire article..]