Friday, January 27, 2006

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."

2 Comments:

At 1:28 PM, Blogger Chip said...

"...a 'flood' of mortgage defaults can be expected in the storm-ravaged Gulf Coast region..."

Might as well book 'em before the next storm season begins.

 
At 1:40 PM, Blogger Loren said...

It's going to be hard to foreclose on a house that may not exist. This could end up in the courts with insurance companies and mortgage companies as the titans. Meanwhile the lucky "homeowner" will not likely be able to purchase another residence until it's all cleared up.

Who said renting was all bad.

 

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