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California Default Notices Drop To Lowest Level In 4 Years

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LOS ANGELES (CBS/AP) — Mortgage default notices in California have dropped in the second quarter of 2011 to their lowest level in four years.

The tracking firm DataQuick said Tuesday that the decline was a result of a more stable housing market as well as policy changes in the mortgage servicing industry.

The San Diego-based firm says there were around 56,600 default notices filed in California from April through June. That’s down about 19 percent from more than 70,000 during the same period a year earlier.

The latest tally is also down 17 percent from some 68,200 default notices filed from January through March and is well under half the roughly 135,400 notices filed when defaults peaked in the first quarter of 2009.

According to Reuters, United States housing starts scaled a six-month high in June and permits for future construction unexpectedly increased, partly reflecting growing demand for rental apartments.

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The Commerce Department said housing starts increased 14.6 percent to a seasonally adjusted annual rate of 629,000 units, the highest level since January, as ground breaking for multi-family units soared 30.4 percent.

(TM and © Copyright 2011 CBS Local Media, a division of CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2010 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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