Home Foreclosures Hit New High In Calif.

63,061 Homes Were Foreclosed In Second Quarter, Highest Number In Last 20 Years

(AP)  Foreclosures in California soared in the second quarter to the highest level in at least 20 years, as many homeowners who bought at the height of the housing boom failed to make mortgage payments, a real estate research firm said Tuesday.

In addition, the number of default notices - an indicator of possible future foreclosures - also jumped during the period between April and June, according to DataQuick Information Systems.

In all, some 63,061 California homes were lost to foreclosure in the second quarter - the most in any quarter since 1988, when the firm began tracking foreclosures.

Foreclosures increased about 33 percent from the previous quarter and jumped 261 percent compared to the same quarter last year.

Notices of default, meanwhile, more than doubled from the year-ago period to 121,341.

A majority of the loans in default were originated between September 2005 and November 2006 and involved multiple loans on a single property.

[Gary Kempf]

Foreclosures increased about 33 percent from the previous quarter and jumped 261 percent compared to the same quarter last year.


Wooooo Dude, Thaaaat Riiiiips, Good thing I got my 2008 4 wheel drive Tundra, with the custom surfin paint job and I can fit all my custom hand made surf boards in the rack. and tow my awesome new jet ski.

"Still got my toys, got to live the California Dream DUUUUde!"

[cepe10-2009]

The lenders are taking much of the hit - i doubt taxpayers will be on the hook for even 1% of what was spent in iraq.

If we tell bush the money is for iraq then it would be fine - the measly $4b to distribute to the states to buy and rehabilitate is helping the us economy in general. stabilize the housing will stabilize credit and everything else.

Since bush and Bernanke said there was no housing bubble back in ''05 and let this happen - they are responsible to a large degree - when you have leaders that out of touch it does affect the country and we are seeing the effects NOW.

[brianbwb-2009]

"How is the law of supply/demand going to work if the taxpayers have to keep paying for the mistakes and indiscretions of others? It doesn''t. It just means we keep getting drained, drained, drained." Posted by OneWorldUSA

Ever since Reagan officially instituted supply-side "trickle down" wreck-onomics, the law of supply and demand has become "collusion and corruption of supply against demand".

[oneworldusa]

I''m getting really tired of hearing about the foreclosure crisis. Banks saw this coming, and they did NOTHING to re-negotiate their terms to keep monies coming in, part of something is better than 100% of nothing. In the interest of corporate greed, banks failed to act, but expect the GOVERNMENT (and taxpayers) to act appropriately to save their butts???

I say just let the fallout happen. Save the homes of responsible people and let the rest fall on their butts.

How is the law of supply/demand going to work if the taxpayers have to keep paying for the mistakes and indiscretions of others? It doesn''t. It just means we keep getting drained, drained, drained.

[truthislife1]

Duh.

[sistatee-2009]

The unburned real estate in CA is in foreclosure. Hasta la vista, BABY!

welcome my son, to the machine, pink f london

[daysrnumbrd]

hello this is frannie and this is freddie and we''''re not available to take your call unless you have 25 to 100 billion dollars. leave a message and make it brief. beeeeeeeeeeeeeeeeeeeeeeeeeeeep.

Posted by jerriemc23 at 09:34 PM : Jul 22, 2008
............

This is John McCain, and I approved this message (machine).

hello this is frannie and this is freddie and we''re not available to take your call unless you have 25 to 100 billion dollars. leave a message and make it brief. beeeeeeeeeeeeeeeeeeeeeeeeeeeep.

[daysrnumbrd]

This economic collapse brought to you in part by the greedy oil pirates and war profiteers at Exxon-Mobil.

Posted by FeelFree4U at 06:14 PM : Jul 22, 2008
...........

LOL!

I can just hear the soft speaking PBS announcer saying those words!