LOS ANGELES — The latest default numbers from the Los Angeles Times’ Peter Hong: "In April, 7.16 percent of Los Angeles County mortgages were in default, up from 4.67 percent in April 2008, according to First American, which reports on foreclosures as a percentage of active mortgages, rather than as a share of total households as some other firms do."

Which means?

LOS ANGELES — The latest default numbers from the Los Angeles Times’ Peter Hong: "In April, 7.16 percent of Los Angeles County mortgages were in default, up from 4.67 percent in April 2008, according to First American, which reports on foreclosures as a percentage of active mortgages, rather than as a share of total households as some other firms do."

Which means?

"That means a whole lot of distressed inventory is on its way to being resold on the open market, putting more downward pressure on home prices."

Reposted with permission from Curbed.com. Click here to view original post.

Copyright (c) 2009 Curbed.com LLC

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