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Even as the economic recovery sputters, the mortgage crisis that helped trigger the recession appears to be easing.
Mortgage defaults in California have fallen to their lowest level in three years, market research group MDA DataQuick said Wednesday.
Some of the drop-off may reflect an increase in short sales, in which troubled homeowners sidestep the foreclosure process but still lose their homes. But experts said it’s also a sign of a housing market that’s genuinely improving.
In Stanislaus County, for example, two of every three Stanislaus County homes sold this year have been bank-owned or “short sales” to avoid foreclosure, according to RealtyTrac, another real estate research firm,
Read more: http://www.modbee.com/2010/07/22/1262329/mortgage-defaults-fall-as-short.html#ixzz0uVnDCBE7
