Investors Fuel Southland Housing Gains As Foreclosures Plummet

Investors Fuel Southland Housing Gains As Foreclosures Plummet

The Southland’s housing market kicked off the new year with a sharp annual gain in home sales last month — the highest volume for a January in six years — as investors and cash buyers proliferated.

The Southern California rebound came as foreclosure starts statewide took a massive 77.7% tumble over the same period, according to a separate report.

On Tuesday, the real estate website reported a 60.5% decline in the number of default notices issued in California in January compared with December. The number of default notices — the first formal step in the state’s foreclosure process — that were issued fell 77.7% from January 2012. A total of 4,500 such filings were logged last month, the lowest number since at least September 2006, when the website’s records begin.

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