California Foreclosure Activity Highest in Two Years
Numbers are starting to trickle in about first quarter foreclosure activity in California and as a bunch of people predicted, the numbers have drastically increased.
First-quarter foreclosure activity in California increased to the highest level in more than two years, the result of slower home price increases, a real estate information service reported.
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 Information Systems. On a loan-by-loan basis, mortgages are least likely to go into default in the Bay Area. The likelihood is highest in the Central Valley and Inland Empire."
One point, though. While foreclosure properties tugged property values down by almost ten percent in some areas nine years ago, the effect on today's market is negligible, DataQuick reported.
Detailed default numbers after the jump.....
Notices of Default
houses and condosCounty/Region 2005Q1 2006Q1 %Chg Los Angeles 3,535 4,211 19.1% Orange 775 1,107 42.8% San Diego 960 1,533 59.7% Riverside 1,307 2,148 64.3% San Bernardino 1,427 1,670 17.0% Ventura 261 433 65.9% SoCal Total 8,330 11,102 33.3% San Francisco 104 127 22.1% Alameda 516 564 9.3% Contra Costa 576 605 5.0% Santa Clara 500 527 5.4% San Mateo 188 186 -1.1% Marin 64 76 18.8% Solano 269 294 9.3% Sonoma 139 157 12.9% Napa 29 47 62.1% Bay Area Total 2,385 2,583 8.3% Santa Cruz 67 108 61.2% Santa Barbara 93 133 43.0% San Luis Obispo 70 75 7.1% Monterey 79 129 63.3% Coast Total 309 445 44.0% Sacramento 763 1,136 48.9% San Joaquin 451 586 29.9% Placer 126 239 89.7% Kern 406 461 13.5% Fresno 494 540 9.3% Madera 55 79 43.6% Merced 135 153 13.3% Tulare 211 212 0.5% Yolo 42 48 14.3% El Dorado 62 54 -12.9% Stanislaus 291 451 55.0% San Benito 27 49 81.5% Yuba 23 48 108.7% Sutter 31 28 -9.7% Central Valley Tot. 3,117 4,130 32.5% Mountains Total 110 96 -12.7% North Calif Total 250 312 24.8% Statewide 14,501 18,668 28.7%
