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Wednesday, April 25, 2007

 

CA Foreclosures in 1Q most in nearly 10 years

DataQuick Real Estate News reported this month that the number of foreclosures in California was higher in the first quarter of 2007 than it's been in nearly 10 years.

DataQuick President Marshall Prentice said in a news release:
"Defaults tend to happen after a certain length of time and today's activity reflects a peak in the number of home loans made back in the summer of 2005. Additionally, the loans being made back then were riskier because of the subprime activity, as well as higher appreciation rates. It's easier to make a loan when the security for that loan is going up in value, than when values are flat," said Marshall Prentice, DataQuick's president.
Comparisons to the mid 1990s reflected favorably on Los Angeles County, but not Riverside:
The first-quarter numbers were a record in Riverside, Sacramento and Contra Costa counties. In Los Angeles County it was almost 60 percent below the first-quarter 1996 peak, reflecting the depth of the recession in the mid-1990s as well as relative strength in today's market.

On a loan-by-loan basis, mortgages were least likely to go into default in Marin, San Francisco and San Mateo counties. The likelihood was highest in Sacramento, Riverside and San Joaquin counties.

— TJ Sullivan in LA
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