California foreclosure starts rose last quarter
California foreclosure filings rose in the first quarter. (Paul Sakuma / Associated Press)
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Default notices -- the first step in the state's foreclosure process -- jumped 6% from the previous quarter to 19,215, research firm DataQuick said Tuesday. New foreclosure filings rose 3.5% from the first quarter of 2013.
DataQuick analyst John Karevoll said the rise from the fourth quarter, the lowest level since 2005, probably came from lenders working through their delinquent loan pipelines and not from more financial distress.
“They may well be just working their way through a backlog, stacks of paper piled high on desks,” he said in a statement.
The year-over-year increase was the first such rise since the last three months of 2009. However, the increase came solely from a significant surge in January, as notices of default jumped 64% from a year earlier.
A series of state laws restricting the foreclosure process took effect in January 2013, holding foreclosure filings artificially low as lenders adjusted to the so-called Homeowner Bill of Rights, DataQuick said.
Default notices dropped from a year earlier in both February and March.
DataQuick said it expects foreclosure starts to continue a downward trend, although said they may tick up from one quarter to the next.
A series of state laws restricting the foreclosure process took effect in January 2013, holding foreclosure filings artificially low as lenders adjusted to the so-called Homeowner Bill of Rights, DataQuick said.
Default notices dropped from a year earlier in both February and March.
DataQuick said it expects foreclosure starts to continue a downward trend, although said they may tick up from one quarter to the next.
http://www.latimes.com/business/money/la-fi-mo-foreclosures-20140422,0,5259066.story#ixzz2zeLxzTox
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