Industry NewsMortgage

California mortgage defaults up 125%

DataQuick: Activity may be 'nearing a plateau'
Published on Jul 22, 2008

Get Inman via Facebook Messenger
Our top headlines delivered once a day.
by CareyBot

Lenders started foreclosure proceedings on a record number of California homeowners in the second quarter, the result of declining home values and the rampant spoilage of a batch of especially risky home loans made in late 2005 and 2006, a real estate information service reported.

Mortgage servicers recorded 121,341 "notices of default" during the April-through-June period. That was up 6.6 percent from a revised 113,809 for this year's first quarter, and up 124.9 percent from 53,943 in second-quarter 2007, according to DataQuick Information Systems.

Comments