California foreclosure filings fall to pre-recession levels

They're at their lowest level since early 2007, the result of a stronger housing market - and a stronger economy. A little over 49,000 notices of default were recorded in the third quarter, down 10.2 percent from the previous three months and 31.2 percent from the same period a year earlier, according to Dataquick. L.A. filings fell 30 percent from 2011 and OC was down 32.4 percent. Here's a telling number: Foreclosure sales made up just 20 percent of all California resale activity last quarter, down from 34.2 percent a year ago and 57.8 percent at its peak in early 2009. From press release:

Foreclosures go up when home values go down. Prices in most areas today are up significantly from their low point in early 2009," said John Walsh, DataQuick president. "Additionally, during the past year, we've seen short sales overtake the foreclosure process as the procedure of choice to deal with homeowner distress. That may change after New Year's because the temporary 'debt forgiveness" feature in the tax code is set to expire as part of the so-called 'fiscal cliff'," he said.

Notices of Default
County/Region 2011Q3 2012Q3 Yr/Yr%

Los Angeles 14,367 10,064 -30.0%

Orange 4,817 3,255 -32.4%

San Diego 5,048 3,727 -26.2%

Riverside 6,923 5,032 -27.3%

San Bernardino 5,504 4,308 -21.7%

Ventura 1,535 1,090 -29.0%

Imperial 360 196 -45.6%

Socal 38,554 27,672 -28.2%

Source: DataQuick, DQNews.com