A total of 83,261 Notices of Default (NODs) were recorded in California during the third quarter, up 18.9 percent from the prior quarter, but down 25.5 percent from a year earlier, DataQuick reported today.
It was the first quarter-to-quarter increase since early last year, but well below the peak of 135,431 notices sent back in the first quarter of 2009.
Most of the loans that went into default during the third quarter were originated in early 2007, with former lending giant Countrywide accounting for the largest share.
Borrowers owed a median $15,156 in back payments on a median $310,000 mortgage balance.
Fewer Homes Lost to Foreclosure
The number of Trustees Deeds (“TDs”) recorded, which reflects the number of homes and condos actually lost to foreclosure, totaled 45,377 during the quarter.
That was down 4.8 percent from the 47,669 recorded a quarter earlier, and down 9.3 percent from 50,013 a year ago.
The all-time peak for TDs was 79,511 in the third quarter of 2008.
On average, homes foreclosed on last quarter took 8.7 months to complete the foreclosure process.
That’s down from 9.1 months in the prior quarter, but up from seven months a year earlier.