Wednesday, August 02, 2006

Ca. Defaults: Up 67 percent

Mortgage defaults in California rose more than 67 percent during the second quarter, compared with the same period last year.

Twenty-three counties posted an increase of more than 50 percent in the number of notices during the quarter, with Riverside, Sacramento, Placer, Stanislaus and Sutter seeing their share of notices more than double.

This was the fastest since at least 1992, when DataQuick began tracking defaults

DataQuick's president said: "We would have to see defaults roughly double from today's level before they would begin to impact home values much."

Roughly 7 percent of homeowners who receive default notices typically end up losing their homes to foreclosure, DataQuick said.

From Yahoo News.


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