The Foreclosure Report

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%

posted by Ben Jones @ 11:58 AM