Foreclosures Hit Ten Year High
According to the California Association of Realtors, foreclosures in California increased in the first quarter of 2007, rising 21% from the fourth quarter of 2006. Between January 1st and March 31st, 46,760 homeowners received default notices from their lending institutions. The median age of these loans was 15 months. This is the highest level of defaults since the second quarter of 1997. During this same period last year, 18,856 default notices were sent out. Although all areas of California have seen an increase in foreclosures, mortgages were least likely to go into default in Marin, San Mateo and San Francisco counties, and most likely in Sacramento, Riverside, and San Joaquin counties.
April 26th, 2007 at 2:13 pm
Foreclosures are hitting an all time here in Las Vegas as well. Too many questionable home loans were made in the last few years and now people are paying the price. Investors are coming out of the wood work to sweep up short sales.