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.....
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