DataQuick Reports Record California Foreclosure Activity

According to DataQuick Information Systems. A total of 72,571 Notices of Default (NoDs) were filed. during Last quarter's default level passed the previous peak of 61,541 reached in first-quarter. up 34.5 percent from 53,943 during the previous quarter, and up 166.6 percent from 27,218 in third-quarter 2006,An average of 34,781 NoDs have been filed quarterly since 1992. There are 8.4 million houses and condos in the state.

style="font-size: 10pt; line-height: 115%; font-family: "Arial","sans-serif";">The July-to-September period, up 34.5 percent from 53,943 during the previous quarter, and up 166.6 percent from 27,218 in third-quarter 2006

La Jolla, CA.--Lenders started formal foreclosure proceedings on a record number of California homeowners last quarter, the result of declining home prices, sluggish sales and subprime mortgage distress, a real estate information service reported.

A total of 72,571 Notices of Default (NoDs) were filed during the July-to-September period, up 34.5 percent from 53,943 during the previous quarter, and up 166.6 percent from 27,218 in third-quarter 2006, according to DataQuick Information Systems of La Jolla.

Last quarter's default level passed the previous peak of 61,541 reached in first-quarter 1996. A low of 12,417 was reached in third-quarter 2004. An average of 34,781 NoDs have been filed quarterly since 1992, when DataQuick's NoD statistics begin.

http://www.dqnews.com/RRFor1007.shtm

Posted in Headlines, Real Estate Market Conditions, Foreclosure

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