O.C., California foreclosures plunge

Foreclosure starts and notices of homes scheduled for auctions plunged in Orange County and California in January, as new state laws kicked in restricting the way banks can repossess properties.

In Orange County, notices of default, the first step in the foreclosure process, dropped 57 percent from December and 77 percent year over year, while notices of trustee sales, or auctions, declined 41 percent from January and 65 percent year over year, data from ForeclosureRadar.com shows.

Statewide, default notices plummeted 61 percent from December and 78 percent year over year, and auction notices fell 35 percent from December and 66 percent year over year, the data showed.
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