Defaults and Foreclosures Decline...

Foreclosures in California dropped again in the first quarter of 2012 — a good sign of a stabilizing housing market. Notices of default (NODs) and real estate owned (REO) resale volume also declined, suggesting that lenders are finally working through their backlogged foreclosure inventory. As a result, locally, we are experiencing a large drop in inventory creating an artificial increase in property values. Hopefully the trough in the market is behind us and remains there. We shall see....