skeptic_IHB
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<p>From our buddy Matt Padilla at the OC Register ...</p>
<p><a href="http://mortgage.freedomblogging.com/2007/10/26/calif-logs-record-24209-foreclosures-in-q3/"><u>http://mortgage.freedomblogging.com/2007/10/26/calif-logs-record-24209-foreclosures-in-q3/#more-581</u></a></p>
<p>There are some incredible numbers in here:</p>
<p> </p>
<p>Banks foreclosed on 24,209 houses and condos in California in the third quarter, up 38.7 percent from the second quarter and a <strong>604.8 percent increase</strong> from a year ago, reports DataQuick.</p>
<p>It’s the <strong>highest total in the company’s database</strong>, which goes back to 1988.</p>
<p>During the same period, banks filed 72,571 notices of default, <strong>surpassing for the first time the 1996 first-quarter peak</strong> of 61,541. Banks typically file a NOD after a borrower misses three or more monthly payments.</p>
<p>DataQuick estimates that <strong>54.1 percent</strong> of defaulted loans statewide are ending in foreclosure, up from 19.1 percent a year ago.</p>
<p>DataQuick’s president, in a statement: "The issue is whether the real estate market and the economy will digest these over the next year or two, or <strong>if housing market distress will bring the economy to its knees</strong>.</p>
<p>As for the good ole OC: "In Orange County, banks filed 3,882 notices of default in the three months ended Sept. 30, <strong>up 158.8 percent from a year ago</strong>."</p>
<p><a href="http://mortgage.freedomblogging.com/2007/10/26/calif-logs-record-24209-foreclosures-in-q3/"><u>http://mortgage.freedomblogging.com/2007/10/26/calif-logs-record-24209-foreclosures-in-q3/#more-581</u></a></p>
<p>There are some incredible numbers in here:</p>
<p> </p>
<p>Banks foreclosed on 24,209 houses and condos in California in the third quarter, up 38.7 percent from the second quarter and a <strong>604.8 percent increase</strong> from a year ago, reports DataQuick.</p>
<p>It’s the <strong>highest total in the company’s database</strong>, which goes back to 1988.</p>
<p>During the same period, banks filed 72,571 notices of default, <strong>surpassing for the first time the 1996 first-quarter peak</strong> of 61,541. Banks typically file a NOD after a borrower misses three or more monthly payments.</p>
<p>DataQuick estimates that <strong>54.1 percent</strong> of defaulted loans statewide are ending in foreclosure, up from 19.1 percent a year ago.</p>
<p>DataQuick’s president, in a statement: "The issue is whether the real estate market and the economy will digest these over the next year or two, or <strong>if housing market distress will bring the economy to its knees</strong>.</p>
<p>As for the good ole OC: "In Orange County, banks filed 3,882 notices of default in the three months ended Sept. 30, <strong>up 158.8 percent from a year ago</strong>."</p>
