Politics & Government
RivCo Foreclosures Up From Last Year
Statewide foreclosures are down, county numbers tell different story
The number of Riverside County homes slipping toward foreclosure increased by 2.6 percent in the second quarter of 2012, compared to the same period last year, a real estate information service reported today.
Lenders sent default notices to 5,677 homeowners in Riverside County in
the second quarter, up from the 2011 second-quarter total of 5,534, according
to San Diego-based DataQuick.
Statewide, default notices were sent to 54,615 homeowners in the second
quarter of the year, DataQuick reported. That was a 2.9 percent drop from the
previous quarter's 56,258 notices and down 3.6 percent from the second quarter in 2011, when 56,633 default notices were sent.
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"The foreclosure process has always been the sanitation department of
the housing sector,'' said John Walsh, DataQuick president. "It's where
financial distress is processed. The question is whether these lower (default
notice) numbers mean that there's less distress to process, or if we're just
seeing distress get processed at a slower pace.''
Default notices do not always lead to a home foreclosure, according to
DataQuick. Some homeowners emerge from the foreclosure process by bringing
their payments current, refinancing or selling the home.
