Home Default Notices Down Compared to Third Quarter 2010

The number of San Diego county homes slipping toward foreclosure dropped by 14 percent in the third quarter of the year, compared to the same period in 2010, a real estate information service reported Tuesday.

Lenders sent default notices to 5,048 homeowners in San Diego county in the third quarter, down from last year's third-quarter total of 5,869, according to La Jolla-based MDA DataQuick. The company provides research statistics for the real estate, lending and investment industries.

Statewide, default notices were sent to 71,275 homeowners in the third quarter of the year, DataQuick reported. That was a 25.9 percent jump from the previous quarter's 56,633 notices but down 14.4 percent from the third quarter in 2010, when 83,261 default notices were sent.
  
The way it looks right now, it's reasonable to expect default filings to run at a somewhat higher level than we saw earlier this year,'' said John Walsh, MDA DataQuick president. "Obviously, some lenders and loan servicers have begun to plow through their backlogs of delinquent loans more aggressively.''

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 report.