Tuesday, May 02, 2006

California Defaults Up 28%

A report on California. "First-quarter foreclosure activity in California increased to the highest level in more than two years, the result of slower home-price increases. Lending institutions sent 18,668 default notices to California homeowners during the January-to-March period. That was up 23.4 percent from 15,122 for the prior quarter, and up 28.7 percent from 14,501 for 2005's first quarter, according to DataQuick."

"'A number of factors are driving defaults higher,' said Marshall Prentice, DataQuick's president. 'The main one right now is that home values are rising more slowly than they have been the past couple of years, which makes it more difficult for homeowners to sell their homes and pay off the lender.'"

"Last quarter, San Diego County saw home values rise 4.8 percent, while its default activity jumped 59.7 percent. San Bernardino County saw defaults increase 17 percent."

"The median first-quarter default amount on a primary mortgage last quarter was $9,220 on a loan of $280,000. On second mortgages and lines of credit the median amount owed was $3,386 on a loan of $56,760."

From the table at the bottom of the link: Orange County, up 42.8%. Riverside up 64.3%. Ventura up 65%.9%. Napa up 62.1%. Santa Barbara up 43%, and Sacramento up 48.9%


At 12:26 PM, Blogger Melody said...

Read about Wake County Seeing High Percentage Of Home Foreclosures.

"In fact, in the past seven years the number of foreclosure filings on homes and businesses has jumped 300 percent statewide. In Wake County, filings have risen 263.5 percent."

At 12:34 PM, Blogger Melody said...

Read about NHS teams up to prevent foreclosures.

"According to Policy Matters Ohio, a nonprofit, nonpartisan group that tracks foreclosure filings, there were 2,032 foreclosure filings in Butler County in 2005, up 355 percent in the last decade. Warren County had 938 foreclosures last year, up 738 percent over the same period."

At 12:36 PM, Blogger Melody said...

Read about Customers stiff Xcel with $26M of debt.

"The state's largest utility wrote off a record $25.78 million in 2005 for bills customers didn't pay in Colorado, up 64 percent from the previous year as energy costs soared and customers struggled to keep up.

The state recorded 43,125 bankruptcies in 2005, up 54 percent from 2004.

Colorado had the second-highest foreclosure rate in the nation for Q1 2006, one new foreclosure for every 138 households, according to RealtyTrac, a California company that tracks foreclosures across the nation."


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