California foreclosure notices fall to 5-year low

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Foreclosure sign

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SAN DIEGO (AP) – A research firm says home foreclosure activity in California fell to a new five-year low in the third quarter amid rising sale prices.

DataQuick said Wednesday that there were slightly more than 49,000 default notices filed from July through September, down 31 percent from the same period last year and down 64 percent from the first quarter of 2009.

It is California’s lowest level since the first quarter of 2007.

Default notices are the first step in the foreclosure process and a leading indicator. DataQuick says foreclosure activity was more concentrated in lower-priced areas, especially where homes sell for less than $200,000. Several counties in the San Francisco Bay area were least likely to go into default.

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