2008 No different for California foreclosures
Across the state of California, sales of condos and foreclosed houses increased with February 2008 recording 20,513 homes. The median price of the bank foreclosure in California in February 2008 was $373,000, which was 2.6% less than the price in January 2008 and 21% less than the median price in February 2007.
The year 2007 created a stir in the California foreclosure market recording 254,824 NOD’s filed across California. In the last quarter of 2007, the number of default notices filed across California was the highest in 15 years. The number was 81,550 from October till December, which was 12.5% more than the number of noticed filed in the 2nd quarter. By March of 2007, the median price for foreclosure homes in California had hit the $400,000 mark. The median price was $484,000 in March but declined by December 2007 to $402,000.
January 2008 reported 57,158 California foreclosures, the highest by any state and this was 7% up from December 2007 and 120% up from January 2007. The highest foreclosure in the state of California was recorded by Stockton metro area, which was followed closely by Riverside-San Bernardino, Modesto, Merced, Vallejo-Fairfield, and Bakersfield. Stockton metro recorded one filing per 99 homes and saw the maximum foreclosures by state in 2007.
The notices of default (NOD) sent at the end of the last quarter in 2007 was 1,096 in North California as opposed to 725 in 2006, which is a jump of 51.2%. The highest NOD’s were recorded by South California with 43,146 in 2007 as compared to 21,605 in 2006, which is a jump of 99.7%. Los Angeles county saw a jump of 82.8%, Orange County saw a jump of 115.6%, Santa Clara saw a jump of 147.4%, Napa recorded 152.9% while the central valley figures jumped by 137.4%.
More Resources:
- Foreclosure Information
- Virginia Foreclosures
- Pennsylvania Foreclosure Homes
- Foreclosure Homes in Orlando
