California default notices fall 24 percent in 4Q
Associated Press
By Elliot Spagat
... Mortgage default notices for California homeowners fell 24 percent during the fourth quarter, suggesting the worst might be over for foreclosures in entry-level markets while problems spread to pricier neighborhoods, a research firm said Wednesday...
... Gary Painter, director of research at 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...