“Foreclosure processors are still mostly plowing through a pool of toxic subprime mortgages originated back in mid-to-late 2006” “…Notices of Default (NoDs) on California house and condo owners …was up 6.0 percent from 18,120 NoDs in the prior quarter…” [Jan-Mar 2013] ” “… the foreclosure starts in recent quarters don’t reflect the ebb and flow of financial distress as much as they … may well be just working their way through a backlog…”
http://www.dqnews.com/Articles/2014/News/California/CA-Foreclosures/RRFor140422.aspx