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!

[daysrnumbrd]

....and jumped 261 percent compared to the same quarter last year.

You think these folks will be voting for a Repub soon?

Ha!

Posted by formrusmcsgt at 06:24 PM : Jul 22, 2008
.........

Though not all of California is "blue", our 50+ electoral votes that usually goes Democrat certainly makes up for the continuously inbRED states like West Virginia, Kentucky, Texas, and most of the South.

This November will be interesting indeed.

[marcpcbs]

This just deserves to be repeated.

"HELLO, DID YOU READ ARTICLE? tAKE RESPONSIBILITY FOR YOUR OWN GREED,:
(A majority of the loans in default were originated between September 2005 and November 2006 and involved multiple loans on a single property.)
YEAH KEEP BORROWING AGAINST YOUR HOME, DID YOU REALLY NEED THAT NEW HONDA? NEW SHOES, ETC..IT''''S TIME YOU WIPE YOUR OWN A--, IF YOU CAN''''T PAY FOR IT DON''''T BUY IT! QUIT BLAMING THE REPUBLICANS, THE NEIGHBORS, THE TEACHERS, GROW UP! LEARN TO ADD, AND SAY NO! TO YOUR-WANT-HAVE''''S, GET A SECOND JOB, IF YOU WANT EXTRA, OR THIRD, BUT QUIT BLAMING EVERYONE ELSE, YOU MUST OF BEEN ABLE TO READ? YOU DID SIGN A CONTRACT? DIDN''''T YOU? GOOOOOOOOO WITH OUT!!!"

Posted by DIDYOUREAD

[lochlan-2009]

"63,061 California homes were lost to foreclosure in the second quarter"
Up only 261% from last year. Once again, this quite obvious scam that goes straight back to congress reducing regulations eight years ago, leaves the average American paying heavy for the elitists rediculous profits. Stage two, foreclosure vultures rake in houses at bargain prices to sell in two to three years at immense profit.

[didyouread]

HELLO, DID YOU READ ARTICLE? tAKE RESPONSIBILITY FOR YOUR OWN GREED,:
(A majority of the loans in default were originated between September 2005 and November 2006 and involved multiple loans on a single property.)
YEAH KEEP BORROWING AGAINST YOUR HOME, DID YOU REALLY NEED THAT NEW HONDA? NEW SHOES, ETC..IT''S TIME YOU WIPE YOUR OWN A--, IF YOU CAN''T PAY FOR IT DON''T BUY IT! QUIT BLAMING THE REPUBLICANS, THE NEIGHBORS, THE TEACHERS, GROW UP! LEARN TO ADD, AND SAY NO! TO YOUR-WANT-HAVE''S, GET A SECOND JOB, IF YOU WANT EXTRA, OR THIRD, BUT QUIT BLAMING EVERYONE ELSE, YOU MUST OF BEEN ABLE TO READ? YOU DID SIGN A CONTRACT? DIDN''T YOU? GOOOOOOOOO WITH OUT!!!

[formrusmcsgt]

....and jumped 261 percent compared to the same quarter last year.

You think these folks will be voting for a Repub soon?

Ha!

[feelfree4u]

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

[feelfree4u]

Will Lance Armstrong''s steroid supplement really fight fatigue and boost my immune system?

I find that hard to believe.

On the article, at least we lead the world in something.

Thanks again Alan Greedscam!

[azviking31]

I''m not against congress bailing out Freddie Mac, Fannie Mae, or any of the private corporations, but only as long as the same amount of ownership of the corporations is turned over. If we (the taxpayers) are responsible for the debts, then we get the profits. Even if we have to take the shares away from existing boneheads, then we get it, (aren''t bankrupt corporations worth 0$?). Gee, paying the "investors" 1/100 of what they paid for the shares sounds like the right thing to do. As I remember this is what a lot of people said would happen when the Republicans decided to "privatize" everything, which in their view saved money. As Senator Chris Dodd said "Socializing risk and privatizing reward". The ultimate rip off of the American Taxpayer. Just and additional way to transfer wealth from the lower 95% to the top 5%.

[seafang]

Well good; all these idiots lined up to bid up the prices of houses way over the seller''s asking price, with little regard for whether they could afford to pay for them or not.
I guess they figured their was somebody even stupider that them, who would pay even more for that overpriced house. And then they discovered that their property taxes are pegged to what they claimed the house was worth (by paying that price for it), yet they complain that the guy down the road in the very same model home pays way less in taxes than they do. Well dummy; his house isn''t worth as much as your is; it says so right on the closing documents when he bought his.

so take your lums and next time try to buy somethign you can afford to pay for; and get off my back, I''m tired of carrying you.

[meanbiker]

serves Ca people right..