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Foreclosures Slow, But Up Year over Year in LA County

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The number of foreclosures in California slowed dramatically from the beginning of the year, reports the Los Angeles Times. Foreclosure declined 24.3% during the fourth quarter from the prior three months. At the same time, the percentage of loans that were 120 days or more past due increased slightly Er, what to make of all it? "Those figures indicate that the Obama administration's efforts to help troubled homeowners have allowed some borrowers to stay out of default but kept many in a kind of late stage of delinquency limbo, said Celia Chen, senior director of Moody's Economy.com." But Contra Costa Times makes everything seem worse in LA County: "The number of Los Angeles County homes slipping toward foreclosure increased by 15.2 percent in the fourth quarter of 2009, compared to the same period in 2008."
· California mortgage defaults drop 24.3% [LA Times]
· LA County homes heading for foreclosure up 15.2% [CCT]