California Housing Defaults Skyrocket

[marmar]

via the Mercury-News:



Default notices in California soar 80 percent from previous quarter
Associated Press


SAN DIEGO — Lenders filed a record number of mortgage default notices against California homeowners during the past quarter, a real estate tracking firm said today.

A total of 135,431 default notices were sent out during the quarter ending March 31, an 80 percent jump from 75,230 for the prior quarter and up 19 percent from 113,809 in the year-ago period, according to MDA DataQuick.

Recorded default notices previously peaked in the second quarter of 2008 at nearly 122,000, according to DataQuick statistics, which go back to 1992.

Default notices are the first step in the formal foreclosure process.

The firm said the increase in the most recent quarter was likely due to the ongoing recession and to lenders playing catch-up after a temporary lull in foreclosure activity.

"The nastiest batch of California home loans appears to have been made in mid- to late 2006, and the foreclosure process is working its way through those," said John Walsh, DataQuick president. .............(more)

The complete piece is at: http://www.mercurynews.com/ci_12200300?source=rss

[XemaSab]

1. Rats deserting a sinking ship

n/t

[Gormy Cuss]

3. And other rats waiting to swoop down and feed on the detritus.

It's too bad that the foreclosure sales seem to be driven by "investors" rather than owner/occupants who were previously locked out by the high prices.

[Double T]

2. Yep. The glimmer of hope was really the afterburners kicking in on the ............

california default and foreclosure skyrockets. The problems with our economy are far more serious then we are being told; and it will get much worse before it ever starts to look better.