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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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From: John McCarthy	1/20/2010 8:03:26 AM
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Banks start foreclosure on 1,500 O.C. mortgages January 19th, 2010, 1:54 pm · 19 Comments · posted by Mathew Padilla Banks filed 1,535 notices of default in Orange County in December, down 35 percent from a year ago and 18 percent from November ‘09, reports MDA DataQuick. (I reported a similar trend last week from another data supplier.) Default notices, which start the foreclosure process, have been trending down since reaching a peak of 3,485 in March 2009. They have declined each of the past five months. It’s not clear what caused the decline, though market watchers generally cite a greater effort by banks and loan servicers to avoid foreclosure amid political pressure to help homeowners. It could also be possible that bad loans have peaked, or that the holidays played a bigger factor this year. What do you think? mortgage.freedomblogging.com

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