In addition to the increase in sales in California, there has been a decrease in foreclosure activity. First quarter foreclosures were at their lowest level in almost five years! This is due to a more stable economy and housing market, as well as an increase in short sales. (Short sales are transactions where the sale price fell short of what was owed on the property).
Notices of Default (NOD's) recorded at the county offices were also down 8.5% for the past three months; and down 17.6% from the same period last year.