Notices of default drop in Marin, statewide in fourth quarter
Marin Independent Journal
By Jennifer Upshaw Swartz
... The number of notices of default - the first signs of foreclosure - dropped in Marin and across the state in the final months of 2009 compared with the previous quarter, but it's unclear whether the trend indicates improving conditions in entry-level markets or a shift in foreclosure policies among lenders, a real estate tracking firm reported Wednesday...
...Gary Painter, director of University of Southern California's Lusk Center for Real Estate, said the numbers underscore how homeowners in high-end neighborhoods were able to stave off foreclosure longer than others. "The people at the bottom end of the market are going to walk away first," he said. "I think the worst in the starter home market is over but it is still historically high. It's just not as bad as it was, but we have turned that corner."
It is too early to say foreclosures across the market peaked or that the housing market overall has rebounded, Painter said. "We're not going to see - for the next year certainly - any huge spikes in prices," he said...