"Lending institutions started formal foreclosure proceedings on fewer California homes last quarter. It is unclear how much of the drop can be attributed to shifts in market conditions, and how much is because of changing policies, a real estate information service reported.
A total of 81,054 Notices of Default were recorded at county recorder offices during the January-to-March period. That was down 4.2% from 84,568 for the prior quarter, and down 40.2% from 135,431 in first-quarter 2009, according to San Diego-based MDA DataQuick."
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