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July 26, 2007 California Defaults Hit Record High: 17,408
July 27th, 2007 10:05 AM
Daily Real Estate News  |  July 26, 2007California Defaults Hit Record High: 17,408
The housing downturn and tighter lending criteria are catapulting the foreclosure rate in California to unprecedented levels, according to new statistics.

The numbers released by La Jolla-based DataQuick Information Services show that 17,408 properties went into foreclosure during the second quarter, a staggering increase of 799 percent from the year-earlier period.

"The economy will bend further under the weight of the mounting housing and mortgage problems, but it will not break," says Mark Zandi, chief economist at Moody's Economy.com.

The previous record for foreclosures was set during the third quarter of 1996, when 15,418 homes were claimed by lenders.

Meanwhile, Countrywide Financial Corp. warned that a rising number of its customers are behind in mortgage payments, including customers with good credit: 4.6 percent of the company's good-credit customers with lines of credit or home equity loans were at least 30 days delinquent, up from 3.8 percent three months ago. A year ago, the rate was just 1.8 percent.

Source: Los Angeles Times, David Streitfeld (07/25/07)
Posted by Tom Caskey on July 27th, 2007 10:05 AMPost a Comment (0)
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