The Foreclosure Report

California Defaults Up 25% In 2005

This mortgage site had an update on California. "According to a foreclosure online site out of Irvine, California, there has been a 25 percent increase in foreclosure activity in the last year. The site's Foreclosure Market Report states the nearly 850,000 properties entered some state of foreclosure last year, up 25 percent from the previous year."

"And, related to the above news story, a 'flood' of mortgage defaults can be expected in the storm-ravaged Gulf Coast region now that 90-day grace periods extended by many lenders have expired."

posted by Ben Jones @ 10:58 AM