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California foreclosures fall to six-year low

The number of California homeowners pushed into foreclosure last quarter fell to the lowest level in six years, according to San Diego-based market tracker DataQuick.

Officials pointed to rising home values, an improving economy and a shift toward short sales.

In the fourth quarter of 2012, lenders recorded 38,212 notices of default on California houses and condos, down 22 percent from 49,026 in the third quarter and a steep 38 percent from 61,517 in the fourth quarter of 2011.

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