Forclosures in Ca. **Up 10 times**
The number of foreclosures that lenders are taking back in California has increased from an average of 32 a day in August 2006, to 300 a day in December 2006. In dollars that’s an increase from $13.3M per day to $45.9M in four months. So far, for the first week of 2007, the numbers are 161 homes and $63.8M–per day.
If we extrapolate the numbers from the first week of January for the month, we estimate $1.3 billion in loans will return to lenders in January. If the pattern of previous months followed, this number is likely conservative; the rate of increase has tended to rise week by week during previous months.
That’s right, lenders are on track to take back over a billion dollars worth of loans a month in January in California alone. A billion here, a billion there. That may soon add up to real money.
posted by Dr. Jeff Lazarus MD at 8:34 AM
2 Comments:
one thing's for sure- this bubble is bursting right now! And it has actually been bursting for several months now as we can read here.
Maybe housing prices will finally come down a bit in the south bay? So far they havent.
Just imagine what home prices will do if the bubble burst is over. Maybe they go from steady to upwards?
That's all speculation... but one thing's for sure: This bubble is bursting like hell!
Great post. Out of curiousity, where did you get your facts for this one...and do you mind if I quote you in an article I'm writing?
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