Mortgage defaults, the first sign of a foreclosure, have fallen to their lowest level for an April in six years, based on the latest DataQuick numbers for San Diego County. Meanwhile, the number of completed foreclosures in the county has dropped to a five-year low for a given April.
Ever since defaults and foreclosures hit record highs between 2008 and 2009, their numbers have fluctuated dramatically without any visible pattern. So far this year, both figures appear to be less erratic and continuing a downward trend.
Notices of default, which homeowners get at the start of the foreclosure process, fell 9 percent from a year ago to 1,323. That’s the lowest April count for defaults since 2006, when there were 554, DataQuick numbers say. Defaults fell 12 percent month-to-month…
Read the rest of this article by U~T San Diego here: “Mortgage defaults at 6-year low”.