Notices of Default, the first stage in the foreclosure process, were down 4% in the quarter ending March 2010 in California from the previous quarter according to a news report in today's San Francisco Chronicle.
The decrease is attributed to efforts by the federal government to increase the number of loan modifications for distresssed borrowers as well as some mortgage lenders working to facilitate their short sale processes.
Trustee deeds, the final step of bank repossession, were also down. The state saw a 16 percent decline in the first quarter of 2010.
The Obama administration is pushing lenders to reduce homeowners' monthly payments through the $75 billion Home Affordable Modification Program. The White House recently announced major changes that will expand to include unemployed workers and payments to lenders to reduce the principal owed on mortgages.
See my 4/13/10 post for more information on the Short Sale process and links to resources for initiating the process with your lender.
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