Calif default notices creep up in 3Q

AP News
Posted: Oct 26, 2010 5:19 PM
Calif default notices creep up in 3Q

Mortgage default notices in California have edged up from last quarter for the first time since early last year but remain below their year-ago numbers.

MDA DataQuick said Tuesday there were nearly 83,300 default notices filed in California from July through September. That's down about 26 percent from around 111,700 during the same period last year.

The latest tally is up about 19 percent from almost 70,100 default notices filed from April through June. However, it is sharply lower than the peak of more than 135,400 notices filed when defaults peaked in the first quarter of 2009.

The San Diego-based firm says the notices have increased as mortgage defaults creep back into lower-cost submarkets from more expensive neighborhoods.