ANAHEIM, Calif. - For the first time since 1990, the number of properties repossessed by mortgage lenders in California has stabilized, according to TRW Redi Property Data, a nationwide real estate information company.
Figures released by TRW Redi show that final foreclosures in the state are projected to reach 76,680 this year, almost unchanged from last year, when 76,311 foreclosures were recorded.
The projections are based on the number of recorded foreclosure documents - trustee's deeds - through the first seven months of the year. Real estate foreclosures in California have consistently increased at double-digit rates over the course of the last four years as the state contended with economic recession and rising unemployment.
"Recent improvements in the state's economy, allowing a greater number of property owners to continue paying off their mortgages, have resulted in lower foreclosure rates so far in 1995," said Nima Nattagh, TRW Redi's market analyst. But these improvements are largely restricted to the southern metropolitan areas and the Bay Area, while the state's central regions continue to experience rising foreclosure volumes.
In the Bay Area, foreclosures are projected to drop by 5.8% in 1995, while in Southern California, which accounts for 67% of the foreclosures in the state, rates are expected to remain unchanged.