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ECONOMIC NEWS
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Mortgage defaults rise in Orange County

The number of local homeowners who entered the foreclosure process hit 4,938, says MDA DataQuick.

By OC METRO staffPublished: October 26, 2010 03:26 PM

The number of Orange County homeowners who fell into foreclosure in the third quarter rose over the second quarter. But, notices of default dropped compared to the same time in 2009, according to a new report from San Diego-based MDA DataQuick.

A total of 4,938 notices of default were filed against local properties between July and September, up 14.5 percent from the second quarter.

However, the number of defaults recorded declined 33.6 percent from the third quarter of 2009.

Statewide, a total of 83,261 properties received notices of default in the third quarter, up 18.9 percent from the second quarter, but down 25.5 percent from the third quarter of 2009.

It's the first time since early 2009 that the number has increased quarter-over-quarter, according to DataQuick.

“Over the past year, with some minor ups and downs, financial institutions and their servicers have been processing a fairly steady number of defaults each quarter, " said MDA DataQuick President John Walsh. "That probably has more to do with their capacity to process defaults, than with higher or lower levels of incoming distress."

Meanwhile, the number of trustees deeds recorded in Orange County – which reflects the number of properties that were foreclosed on – fell.

A total of 2,006 filings were reported in the third quarter, down 9.8 percent from the second quarter. The number also dropped 10.4 percent from the same time last year.

Statewide, the number of trustees deeds dropped to 45,377. That's down 4.8 percent from the second quarter and 9.3 percent from the third quarter of 2009.

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