Foreclosures in Third Quarter Hit 8-Year Low

The number of homes in California entering foreclosure during the third quarter fell to the lowest point in eight years, according to DataQuick Information Systems. A strong economy and escalating home values helped diminish foreclosure activity in the state. Lenders started foreclosure proceedings on 21,006 homeowners in the period from July through September, down 12.9% from 24,111 that entered foreclosure in the same period a year ago, the survey found. The third-quarter figure was the lowest since 18,806 homeowners entered foreclosure in the first quarter of 1992, DataQuick said. The state may be nearing a base level of foreclosure activity in which the numbers stop declining, said Mike Ela, DataQuick’s president. The number of foreclosure proceedings in Southern California fell to 12,154, down 13.5% from the same period a year ago, according to DataQuick. In Northern California, foreclosures in the third quarter slid to 2,710, down 21.6% from third quarter of 1999, the survey found.