California foreclosure numbers drop to lowest level in years

January 24, 2012 8:10:07 PM PST
The number of California homes going into foreclosure dropped in the fourth quarter of 2011 to one of its lowest levels in years.

Realty tracking company Dataquick reports that a 61,517 notices of default were recorded statewide from October through December.

That's the lowest total since the second quarter of last year, and the second lowest total since 2007. Analysts say the numbers are encouraging, but it's too early to tell if the number of foreclosures has bottomed out.