Current California foreclosure numbers are exhibiting the same low level as the market in 2005. Fourth quarter numbers for 2005 were the last lowest level for foreclosures in the state – a total of 15,337 defaults recorded. The overall amount of defaults in California reached their highest levels in recent years during 2009; the first quarter saw 135,431 defaults filed.

DataQuick notes that lenders issued a total of 17,524 defaults to Southern California property owners who are severely behind on their payments. This exhibits a 32 percent drop from the second quarter of 2013, as well as a 9 percent drop from the first quarter. Foreclosures fell by 33 percent to 3,836 properties in Los Angeles County and 29 percent to 1,543 properties.

These latest statistics prove that homeowner distress is diminishing. Foreclosure numbers are falling, the economy continues to strengthen, and home prices are on the rise.

Source: http://www.dailynews.com/business/20140717/foreclosure-activity-in-california-remains-at-8-year-low