Industry NewsMortgage

California sees record foreclosure starts

Auction sales down, but defaults spike in March
Published on Apr 14, 2009

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by CareyBot

Lenders started foreclosure proceedings on a record number of California homes in March, even as sales at auction fell dramatically, data aggregator ForeclosureRadar reported.

The number of California homes subjected to notices of default -- the first step in the foreclosure process -- surged 29.3 percent from February to March, to 54,268, the company said. That's a 26.3 percent increase from a year ago, and 25.8 percent above the April 2008 peak.