Silicon Valley Foreclosure Filings Drop

Silicon Valley Foreclosure Filings Drop

The Mercury News

April was the fifth consecutive month that default notices declined compared with their year-earlier levels, according to data from ForeclosureRadar, a Discovery Bay company. A total of 923 notices of default were filed in Santa Clara County in April, down 32 percent from April 2009, and down 15 percent from March 2010.

“I am optimistic at the moment that we’ve passed the peak” of the foreclosure crisis, said company founder Sean O’Toole.

Housing experts credit a variety of factors for the decline, including rising housing prices in some neighborhoods and improvements in lenders’ short sale and loan modification efforts.

Default filings also declined in San Mateo County, as well as statewide. In San Mateo County, 25 percent fewer notices of default were filed last month than during April 2009, for a total of 327 notices. That figure represented an 18 percent decline from March 2010.

Statewide, lenders filed 27,832 default notices last month, down 41 percent from April 2009 and down 16 percent from March 2010.

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