All-Time High Defaults in California


	All-Time High Defaults in California

Victoria Barret

4-23-2009 12:13 PM

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tags:

mortgage, housing, real estate

Victoria Barret says:

The housing crisis is far from over, as default notices sky-rocketed in the first few months of this year. San Francisco and Los Angeles were hit the hardest.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/8ca3afce-3390-4587-954e-a1291a70a90f/8F2C1236-B6D1-46EF-9D03-C92425264AC8/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.dqnews.com/Articles/2009/News/California/CA-Foreclosures/RRFor090422.aspx" href="http://www.dqnews.com/Articles/2009/News/California/CA-Foreclosures/RRFor090422.aspx" style="font-size: 11px;">www.dqnews.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.dqnews.com/Articles/2009/News/California/CA-Foreclosures/RRFor090422.aspx"><P>La Jolla, CA.--Lenders filed a record number of mortgage default 
notices against California homeowners during the first three months of 
this year, the result of the recession and of lenders playing catch-up 
after a temporary lull in foreclosure activity, a real estate information 
service reported.
</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.dqnews.com/Articles/2009/News/California/CA-Foreclosures/RRFor090422.aspx"><P>     A total of 135,431 default notices were sent out during the January-
to-March period. That was up 80.0 percent from 75,230 for the prior 
quarter and up 19.0 percent from 113,809 in first quarter 2008, according 
to MDA DataQuick.
</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.dqnews.com/Articles/2009/News/California/CA-Foreclosures/RRFor090422.aspx">Last quarter's total was an all-time high for any quarter in 
DataQuick's statistics, which for defaults go back to 1992. </blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.dqnews.com/Articles/2009/News/California/CA-Foreclosures/RRFor090422.aspx"><P>     Many, if not most, of the loans made in 2006 are owned and/or 
serviced by lending institutions other than those that made the loans 
(mortgages are often sold off after the initial lender originates the 
loan, and are often serviced by a different entity). Many of the 
originating lending institutions no longer exist.
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