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California foreclosure activity hits seven-year low

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Foreclosure activity in California dropped to its lowest level in seven years, reflecting the ongoing recovery in the California real estate market and the impact of the California Homeowner Bill of Rights, PropertyRadar claimed in a new report.

In addition, notices of default in the state fell 19.5% in September, the largest one-month decline since March, while also declining 54.9% for the year.

“The California real estate recovery has pushed up housing prices freeing tens of thousands of California homeowners from their negative equity positions,” said Madeline Schnapp, Director of Economic Research for PropertyRadar. “Negative equity was the one of the biggest contributors to foreclosures and is steadily disappearing.”

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