"New California foreclosure actions posted a sharp plunge in the first quarter to levels not seen since the last housing boom," reported the Los Angeles Times ("Foreclosure activity plunges in California with new laws in effect," by Alejandro Lazo). Default notices filed by lenders (the first step in a foreclosure) were down 51.4% in first quarter 2013 compared to the previous quarter, and 67% lower than in the first quarter of 2012, the paper reports. Filings of trustee deeds, the final step after a bank has taken possession, decreased 35.7% from the previous quarter — which was 55.1% lower than a year ago. But John Walsh, president of the real estate firm DataQuick which tabulated and reported the sharp drop, says that foreclosures may pick up again once banks get used to the new rules.