California’s Foreclosure Drop – Too Good To Be True?

As an epicenter of the nation’s worst housing bust in recent history, California remains an important bellwether for the housing market recovery. So when news that foreclosure starts in the beleaguered state plummeted to an 87-month low in January, industry watchers took notice.

Notices of default in the state dropped 62 percent from December 2012, and 75 percent from January 2012, according to RealtyTrac’s January U.S. Foreclosure Market Report, the biggest single-month drop in California NODs since RealtyTrac began issuing its foreclosure report in 2005.

Could California’s battered housing market finally be pulling out of its long and painful decline? As with all news that seems “almost too good to be true,” it probably is.

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