Saturday, October 27, 2007

Lots of pain in California – coming our way

California's Home-Loan Defaults Rise to Decade High

California mortgage defaults more than doubled in the third quarter to the highest level in more than a decade as the housing slump battered homeowners. Homeowners received 72,571 default notices, more than double the 27,218 filed a year ago.

Posted by alan @ 12:18 AM (707 views)
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4 thoughts on “Lots of pain in California – coming our way

  • Read the whole article beore you say the pain is coming our way, the dafault notices being issued are concentrated in a small band of post codes which I think you will find will be the classic sub-prime areas. Further the article goes on to qualify a large percentage of default notices don’t lead to repossession.
    I am a bear rather than bull at present, however alot of posters on this foram seem to read what they’re looking for into every article rather than analysing what the article is actually saying.
    Thanks for posting it though.

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  • Best way of getting out of a mortgage default scenario – a house fire, even better if it is part of a natural disaster. I wonder if any of the fires were started deliberately. I hope not, but my suspicious little mind thinks there may be a case or two……

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  • Just Hope. . . says:

    i wonder if the btl brigade take advantage ,and cease the losses gunpowder treason and plot

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  • Re new poster…..
    I am in San Diego, believe me foreclosures here are NOT just in sub-prime areas they are everywhere!!! People here have gone HELOC crazy (that is taken equity out of their houses) so even those who have owned for long enough to not be affected are totally screwed.
    As for last weeks fires, they were terrifying, we were evacuated on monday night at 9pm (we live in SD 92130) it is now thought that a number of the fires were arson, but mostly they are the result of prolonged drought, building in fire areas, and mainly Santa Ana conditions which were particularly bad with hurricane force winds.
    Just for the record, everything I’m now seeing in the UK press about house prices coming down was said here 12-18 months ago, it’s uncanny, sometimes it really is word for word.

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