Notices of Default were sent to just over 5,450 home owners in the County during the second quarter of this year, which is a drop from just over 9,880 sent during the same timeframe in 2009.
Apparently, sellers with a great deal of motivation, along with eager lenders, contributed to the drop in default filings, most noticeably in the case of short sales. Of course, the Federal and State Buyer Tax Incentives encouraged buyers to purchase homes, rather than sit on the fence.
The price of homes has been increasing for the past year, and if this continues, there will be a smaller number of home owners who will be "under water" (when they owe more on the mortgage than the value of the home), which significantly effects the decision to let the home go.
Notices of Default may not turn into a foreclosure, as some owners extricate themselves from the process by making overdue payments, along with the current payment, working with their lender to possibly re-finance, or by putting the home on the market.
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