April Foreclosures Drop Following March Increase
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Foreclosure activity in Southern California settled back down in April after a sharp jump in March, Dataquick Information Systems reported.
Lenders started foreclosure proceedings on 7,495 Southland homeowners in April. That was down 11.4% from 8,461 in March and up 5.7% from 7,094 in April a year ago.
On average, borrowers were eight months behind on their mortgage payments when lending institutions started foreclosure proceedings, Dataquick reported. The foreclosure problem is most severe in Riverside and San Bernardino counties.
Southland Foreclosures
County Year to Date Year to Date Percent 1993 1994 Change Los Angeles 13,092 13,588 3.8% Orange 3,786 4,175 10.3% San Diego 3,213 3,199 -0.4% Riverside 3,520 3,885 10.4% San Bernardino 3,372 4,339 28.7% Ventura 1,062 940 -11.5% Southern Calif. 28,045 0,126 7.4%
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