Foreclosure Activity in California on the Rise
The year 2007 was no better for California as it saw a huge number of default notices being filed by lenders against homeowners. In the last quarter of 2007, the number of notices filed reached its highest level in almost 15 years. This means that there were many more California foreclosures homes that got added to the existing repository of homes. So one hand there is a rising number of foreclosed houses in California and on the other hand not all of them have been sold. This is like a complete deathtrap!
Over 81,550 notices of default were sent to homeowners in California between October and December 07, which is up 12.4% as compared to the 72,571 notices sent between July and September. The number of notices of default sent in the last quarter was 114.6% more than the 37,994 notices sent in the last quarter of 2006.
The median price for a California home was at its high last year in March and recorded $484,000 but by the end of 2007 it fell to $402,000. The loans seen as the primary cause of so many foreclosures by state actually hit a high in the last quarter of 2007. The California borrowers or homeowners owed an average of $11,121 to lenders on a mortgage worth $340,000 by the end of 2007. As a result, most homeowners fell into the trap and ended up paying the price with their home being foreclosed. Los Angeles County led the list of defaults recording a high number of foreclosure homes with 13,613 notices of default sent to various homeowners. It was followed by Orange County, San Diego and Riverside.
More Resources:
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