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:

• Foreclosed Houses
• Foreclosures in Tampa
• New Jersey Foreclosure Homes
• Foreclosures in Ohio
• Foreclosure Homes in Orlando, FL
• North Carolina Foreclosure Homes
• Forclosure House