California Homeowner Defaults and Foreclosures Down 40%

California real estate defaults and foreclosures are down 40% over Quarter 1 of 2009 according to real estate research firm DataQuick. Still over 80,000 lenders filed notices of default in California during this past quarter.Last year entry-level homebuyers were hit hardest with default notices, which is the first step toward foreclosure. While lower priced homes are still defaulting in high numbers, there was significant improvement. Interestingly, pricier areas didn't fare so well. This suggests that the worst could be over for the less expensive homes and the more expensive homes may be in for more trouble as far as defaulting on loans, and eventual foreclosures.The good news is that over the past several months, many lenders have been considering alternatives to foreclosure. For example, lenders are open to the government HAMP program, modifying loans, or short sales.Costa Mesa short sales are one option for homeowners in default in Costa Mesa, CA to avoid foreclosure if eligible.About Torelli RealtyTorelli Realty is a Costa Mesa real estate agency that specializes in Costa Mesa real estate, Mesa Verde real estate, and Orange County real estate.  Since 1984 the company has served the community and consistently been #1 in selling Costa Mesa homes for sale. Torelli Realty specializes in Costa Mesa short sales, Mesa Verde short sales, and Orange County short sales. The company has 100% success rate with short sales. Torelli Realty(714) 540-7355BLOG: http://torellirealty.wordpress.com/FACEBOOK: http://www.facebook.com/torellirealtyTWITTER: http://twitter.com/TorelliRealty