Foreclosures in California rose more than 400 percent in the fourth quarter from a year earlier and default notice filings against distressed mortgage borrowers more than doubled, a report issued on Tuesday said. Realtors said the number of short sales is also increasing. The fourth-quarter default notices represented the highest number in more than 15 years, it said.

With regard to short sales a short sale must be completed before the home goes into foreclosure. Lenders are waiting longer to foreclose, extending the 90 day period as far out as 180 days. Still, the numbers look bleak. One realtor said he had no demand for short sales in the last 10 years but the demand is there now.