Tuesday, Apr 17, 2007
Things getting worse in CA
www.iii.co.uk: Mortgage defaults notices spike
LOS ANGELES (AP) - Mortgage defaults in California increased on an annual basis in the first quarter to the highest level in nearly a decade, a spike fueled largely by people who bought a home or took out an equity loan in the past two years, a real estate research firm said Monday.
A total of 46,760 default notices were sent to homeowners in the first three months of the year, up 148 percent from 18,856 in the first quarter of 2006, according to DataQuick Information Systems.
The latest figures represent a 23.1 percent increase since the fourth quarter of 2006, when a revised 37,994 defaults notices were sent out statewide, the firm said.
Most of the mortgage loans that went into default in the most recent quarter were taken out between April 2005 and May 2006, the firm said.
3 Comments
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1. Sirgoogle said...
I was in San Diego and LA until yesterday (very nice it was too).
No sign of a property bust there yet. The old folk (baby boomers) are still paying silly money for condos. I guess that the bust will start in the places where the old folk are retiring from.
2. sirgoogle said...
I was in San Diego and LA until yesterday (very nice it was too).
No sign of a property bust there yet. The old folk (baby boomers) are still paying silly money for condos. I guess that the bust will start in the places where the old folk are retiring from.
3. This comment has been removed as it was found to be in breach of our Blog Policies.