Mortgage Defaults Drop in San Diego

By raindrop With

Mortgage defaults in San Diego County sunk to the lowest point since late 2005 in the first quarter as home prices rose and a new state law made it harder for banks to foreclose on properties, says a Tuesday report from real estate tracker DataQuick. Foreclosures also continue to trend down.

Notices of default, which signal the start of the foreclosure process, totaled 1,471 during the first three months of the year. That marks the lowest point since the last quarter of 2005, when 1,173 were counted, DataQuick numbers show. Default notices fell 45 percent from the previous quarter and fell 65 percent from the same quarter a year ago.

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