Defaults and foreclosures in a steady decline, for now
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This article presents the trends revealed in the first quarter 2012 default and foreclosure data.
Foreclosures in California dropped again in the first quarter of 2012 — a good sign of a stabilizing housing market. Notices of default (NODs) and real estate owned (REO) resale volume also declined, suggesting that lenders, one way or another, are finally working through their backlogged foreclosure inventory.
34% of all California home resale activity in the first quarter of 2012 was attributed to REO inventory — approximately level with the fourth quarter of 2011 and down from 40% one year earlier. At this rate, five more years will be required for the REO inventory to return to its historic norm of 7%. An estimated 31,900 REO resales took place in the first quarter of 2012, down 13% from one year earlier.
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Scarily insightful…
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