The LA times, bloomberg along with research from Dataquick and Default Research are reporting:
https://latimesblogs.latimes.com/laland/2009/01/foreclosure-bum.html
According to the LA Times story: California mortgage defaults and foreclosure sales shot up 131% in 2008 over 2007.
Stats from DataQuick put the statewide median home price paid at $258, 000 in November, a 37.7% drop from $414,000 November 2007.
From Bloomberg:
The three California counties with the highest number of foreclosures were Los Angeles, with 122,408 last year, followed by Riverside, with 82,072, and San Bernardino, with 64,144, Default Research said.
Serdar Bankaci, founder of the Default Research in Mt. Pleasant, Pa., a foreclosure tracking firm, predicts on Jon Lansner’s O.C. Register blog that “expects to see foreclosure activity continue through the first two quarters of 2009” but improving by the third quarter.
The big question is what is going to happen with all the mortgages that have yet to adjust, Alt-A and option ARMs ?
