Apr 24
Foreclosure activity plunged more than 60 percent across the region in the first quarter in response to rising home prices, a strengthening economy and a government assistance program that kicked in Jan. 1, a market tracker said Tuesday.
Mortgage defaults and foreclosures fell by large amounts across the state, said La Jolla-based DataQuick.
“Foreclosure starts were already trending much lower late last year because of rising home prices, a stronger labor market and the settlement agreement between the government and some lenders. But it appears last quarter’s drop was especially sharp because of a package of new state foreclosure laws,” DataQuick President John Walsh said in a statement.
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