Wednesday, January 24, 2007

California foreclosures increasing fast

From the Central Valley Business Times :

Foreclosures were up nearly seven-fold in the fourth quarter of 2006 and the number of notices of default, the first step in the foreclosure process, were up 145 percent compared to the figures from a year earlier, according to real estate information company DataQuick Information Systems of La Jolla.

According to DataQuick, 6,078 were foreclosed in the fourth quarter of 2006, compared to 874 a year earlier.

There were 37,273 notices of foreclosure filed in the state in the last three months of 2006, the largest number since 1998, says DataQuick.

In 2005’s fourth quarter, 15,196 notices of foreclosure were filed, the real estate information company says.

A notice of foreclosure begins the lengthy foreclosure process. Only a minority of homes that state the process are actually auctioned off. Sales, refinancings and other maneuvers can keep homes from the actual auction block.

DataQuick is a unit of Vancouver, B.C.-based MacDonald Dettwiler and Associates.

4 comments:

Bakersfield Bubble said...

According to DataQuick, 6,078 were foreclosed in the fourth quarter of 2006, compared to 874 a year earlier.

Bakersfield Bubble said...

695% increase in foreclsoures. WOW!

No bubble here, move along...

TheFunSucker said...

when will these so called loan officers, appraisers, underwriters and realtors be jailed for mass misrepresentation?

Most of the blame has to lie with the buyer but the folks above gave them the rope and enabled them to hang themselves. More importantly the real estate industry as a whole knowingly and willingly led these folks down the road to inevitable foreclosure.

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