"Banks foreclosed on fewer homeowners in the South Bay in June while the number of people served notices they were falling behind on their payments rose slightly, according to a report Tuesday by ForeclosureRadar.
The Discovery Bay company said that homes taken over by banks dropped almost 25 percent from May in Santa Clara County and 19 percent in San Mateo County.
Notices of default -- the first step in the foreclosure process -- were up 4 percent in Santa Clara County and nearly 7 percent in San Mateo County.
With more than 9,000 area properties headed toward foreclosure, and more than 3,000 owned by banks, no one is predicting an end to foreclosures. It's just taking a long time for banks to complete them -- 337 days in Santa Clara County, and 275 days in San Mateo County,
"There's just really no incentive for banks and politicians to push these through to a foreclosure sale," said Mark Skilling, chief executive officer of the company. "The trend continues of a trickling out of foreclosures," he said.
Foreclosures force banks to write down the affected properties to market value, putting a dent in their balance sheets".............READ MORE
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