Foreclosure rate for Calif. homes eases

9:22 AM, Jul 24, 2012   |    comments
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SAN DIEGO (AP) - California's housing market crisis appears to finally be easing.

The real estate firm DataQuick reports that the number of California homes entering foreclosure in the second quarter of the year dipped to its lowest level since 2007.

DataQuick says 54,615 default notices were filed on homes and condos, down nearly 3 percent from the first quarter and 3.6 percent from the same period last year.

DataQuick President John Walsh says that could mean fewer homeowners are in trouble.

UC Berkeley economist Kenneth Rosen tells the Los Angeles Times that the figures indicate the housing market has bottomed, although there are still a lot of troubled homes out there.

The Associated Press

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