Welcome to the "Z" Team! Douglas and Bud Zeller

The number of California homes that entered the foreclosure process during the second quarter fell for the fifth straight quarter, to the lowest level since second-quarter 2007, research company MDA DataQuick reported this week.

The company reported that 70,051 notices of default were filed at county recorder offices in California during the second quarter, down 13.6 percent from the first quarter and down 43.8 percent compared to second-quarter 2009.

Also, the share of resale, foreclosed homes sold in the state dropped to 36 percent in the second quarter, down from 49.9 percent in second-quarter 2009 and 42.5 percent in first-quarter 2010. NODs, which mark the formal entry of a home into the foreclosure process in California, peaked at 135,431 in first-quarter 2009.

The share of foreclosure resales ranged from 9.5 percent in the San Francisco area to 61.7 percent in the Imperial Valley area during the second quarter, DataQuick reported.

“Obviously, motivated sellers and accommodating lenders have played a part in bringing the default filings down, especially when it comes to short sales,” said John Walsh, DataQuick president, in a statement. “Public policy has also been a factor. We also need to remember that prices have come up off bottom over the past year. If they continue to rise, fewer homeowners will find themselves underwater, which is a significant factor in letting a home go.”

      Pros and cons of each should be weighed. Whatever your plans may be – long-term or short-term – consider your resources and analyze what is cost-effective. Do your homework.

     How long do you plan to live in your existing home? If for a short time, focus on what changes or upgrades can benefit you and improve value plus buyers’ appeal. If you’re undecided or thinking it may be a few years, plan your changes yearly based on a 2, 4 or 6-year schedule. Be flexible and ask experts for advice.

     Sell now considerations may also allow opportunities. Everyone’s scenario is different, so really seek knowledgeable assistance and advice from professionals in your area. Perhaps it is better to rent the current home and go to another rental or buy at today’s low prices. Obviously, financing and equity positions need to be carefully analyzed.

     So, plan your work and work your plan!