Foreclosures in San Diego down 22.9 percent in first quarter of - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

Foreclosures in San Diego down 22.9 percent in first quarter of 2011

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LA JOLLA (CNS) - The number of San Diego County homes slipping toward foreclosure dropped by 22.9 percent in the first quarter of the year, compared to the same period in 2010, a real estate information service reported Tuesday.

Lenders sent default notices to 4,758 homeowners in San Diego County in the first quarter, down from last year's first-quarter total of 6,170, according to La Jolla-based MDA DataQuick.

Statewide, default notices were sent to 68,239 homeowners in the first quarter of the year, DataQuick reported. That was a 2.2 percent drop from the previous quarter's 69,799 notices and down 15.8 percent from the same quarter in 2010, when 81,054 default notices were sent.

"Lenders and servicers have put various temporary holds on foreclosure filings while they work on procedural issues and respond to regulatory and legal challenges," John Walsh, MDA DataQuick president, said. "It's unclear how much of last quarter's decline can be attributed to market factors and strategic decisions, and how much can be attributed to the formalities of the foreclosure process."

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.

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