Number of Ventura County, California Homes Entering Foreclosure Falls to 2007 Levels

Number of Ventura County, California Homes Entering Foreclosure Falls to 2007 Levels.

An improving housing market and fewer bad loans helped bring Ventura County, California foreclosures to their lowest level since 2007.

The number of notices of default filed on Ventura County, California housing fell 2.9% from the prior quarter and were down 3.6% from the same period one year ago. Notices of defaults are the first public filings initiating a foreclosure.  Consequently, any increase in future foreclosed homes would be detected with an increase in the number of filings.

A total of 54,615 notices of default were filed last quarter.

DataQuick President John Walsh said in a statement that it was unclear whether the drop in the number of homes in Ventura County entering the foreclosure process was a sign that the worst was over or simply that the process itself had slowed.

“The foreclosure process has always been the sanitation department of the housing sector,” he said. “The question is whether these lower … numbers mean that there’s less distress to process, or if we’re just seeing distress get processed at a slower pace.”

The number of homes being lost to foreclosure in Ventura County plunged. The number completed foreclosures fell 27.8% from the prior quarter and were down 48.5% from the same period as last year. A total of 21,851 foreclosures were filed last quarter.

Source: LA Times

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