The number of Orange County homes slipping toward foreclosure dropped by 31.3 percent in the second quarter of 2014, compared to the same period last year, a real estate information service reported today.
Lenders sent default notices to to 1,134 Orange County homeowners, down from the 2013 second-quarter total of 1,651.
Statewide, default notices were sent to 17,524 homeowners in the second quarter of the year, DataQuick reported. That was an 8.8 percent drop from the previous quarter's 19,215 notices and down 31.9 percent from the second quarter in 2013, when 25,747 default notices were sent.
The second-quarter figure was the lowest for the state since late 2005, according to DataQuick.
"It looks like the mortgage services doing the foreclosure paperwork are systematically working through a backlog," according to John Karevoll, DataQuick analyst. "While their pile is getting smaller, they're working at a steady pace. With one exception, the number of (default notices) we've seen filed each quarter over the last year and a half hasn't changed much, and probably just reflects staffing and workload logistics."
Default notices do not always lead to a home foreclosure, according to DataQuick. Some homeowners emerge from the foreclosure process by bringing their payments current, refinancing or selling the home.
--City News Service