Default Notices In California Soar 80 Percent From Previous Quarter

[Purveyor]

Source: Associated Press

SAN DIEGO — Lenders filed a record number of mortgage default notices against California homeowners during the past quarter, a real estate tracking firm said today.

A total of 135,431 default notices were sent out during the quarter ending March 31, an 80 percent jump from 75,230 for the prior quarter and up 19 percent from 113,809 in the year-ago period, according to MDA DataQuick.

Recorded default notices previously peaked in the second quarter of 2008 at nearly 122,000, according to DataQuick statistics, which go back to 1992.

Default notices are the first step in the formal foreclosure process.

The firm said the increase in the most recent quarter was likely due to the ongoing recession and to lenders playing catch-up after a temporary lull in foreclosure activity.

"The nastiest batch of California home loans appears to have been made in mid- to late 2006, and the foreclosure process is working its way through those," said John Walsh, DataQuick president.

Read more: http://www.mercurynews.com/breakingnews/ci_12200300

[Baby Snooks]

1. Welcome to the Titanic...

"Welcome aboard. As you know the Titanic is unsinkable. In case of an emergency, however, please familiarize yourselves with the location of the lifeboats. Please note the lifeboats are for peerage only. Everyone else, well, too bad."

The government will continue to try to paint a pretty picture. The latest is that prices are somehow rising which perhaps they are if you know how to juggle the figures to make it appear they are. In reality they are not. Not in this country. Anywhere in this country.

Only Wall Street matters to this administration. Main Street? Well, too bad.