Big drop in L.A. foreclosures

The Dataquick folks aren't sure whether it's because of improving market conditions or because the alternatives to foreclosure - short sales, loan modifications and the like - are beginning to take hold. Whatever the reason, there's been a significant decrease in foreclosure activity. In L.A. County, 12,355 notices of default were recorded in the fourth quarter, down almost 13 percent from a year earlier and 14 percent from the previous three months. Most of the loans going into default are still from the dreaded 2005-2007 period. From press release:

"Five years ago almost all mortgage payment delinquencies would have triggered a default notice after a certain amount of time. Strategies now include short sales, refinances, interest rate changes, principal reduction as well as just plain waiting longer. It will be interesting to see how this plays out as the economy improves and the housing market finds its footing," said John Walsh, DataQuick president.

Notices of Default

County/Region 2010Q4 2011Q4 Yr/Yr%

Los Angeles 14,188 12,355 -12.9%

Orange 4,388 4,297 -2.1%

San Diego 4,917 4,813 -2.1%

Riverside 6,885 6,014 -12.7%

San Bernardino 5,744 4,827 -16.0%

Ventura 1,470 1,437 -2.2%

Imperial 376 270 -28.2%

Source: DataQuick, DQNews.com