Business & Economy

Banks are speeding up the home foreclosure process in California, according to data out today. But one analyst says the process may start to slow down again.

It took lenders an average of 335 days, or about 11 months to complete the foreclosure process on California properties in the third quarter.

Daren Blomquist with foreclosure listing service RealtyTrac says that was down three percent from the previous quarter and an eight percent drop from a year ago.

"These foreclosures, if they’re going to happen, it’s better that it’s more like a band-aid that you rip off."

Fresno based poultry producer Zacky Farms has filed for Chapter 11 bankruptcy protection, citing the high cost of grain the company uses for feed. 

The 70 year old firm is the second largest poultry company in California and employs around 1,500 workers. The company filed its petition in U.S. Bankruptcy Court in Sacramento on Monday.

The company released a statement saying that it "has been under severe stress due to historically high corn and soybean meal prices." A drought throughout much of the Midwest has caused grain prices to rise in recent months. 

Legislation aimed at getting the first driverless vehicles on the road in California was signed into law today. Governor Jerry Brown signed the bill at Google headquarters in Mountain View.

Google has a dozen computer controlled cars – most of them Toyota Priuses -- equipped with self-driving technology. Designers say the robotic vehicles could make roads safer, since most car accidents are the result of human error.

Data out today show a big spike in the rate of California homes purchased and resold within six-months.

People in the real estate business call it “flipping.”

“Flipping is the process of buying a home or other property, usually at a discounted price, improving that property through rehab and repairs and then reselling that.”

Daren Blomquist is with RealtyTrac. The research firm has released new nationwide figures on flipped properties.

“Not surprisingly the state with the most flips in the first-half of 2012 was California with nearly 26,000.”