Foreclosure Mania!
More news on increasing foreclosure rates. The lastest news from the Union Tribune says “Foreclosures up 353% in S.D. County in 2007“. This is up from an earlier reported figure of 328%. New figures from DataQuick show that foreclosures went up 353% to 7,349 foreclosures. Default notices were also up by 128% with 20,138 notices. These are the highest levels since DataQuick has been tracking (since 1988 for foreclosures and 1992 for default notices).
According to the Tribune, “The county’s previous foreclosure record was 4,077 in 1996, when Southern California was in a housing slump caused partly by a decline in defense spending.” Looking back in DataQuick’s archives to 1996, you can find a deja vu press release describing the increase in foreclosures as a result from banks becoming more strict on their lending practices.
And who’s the hardest hit? Try the Chula Vista-East Lake-Otay Ranch area at 301 foreclosures in 2007. Not far behind, and all over 250 foreclosures, were Spring Valley, north Oceanside, Nestor, and south Chula Vista.
DataQuick’s release states, “The number of mortgage default notices filed against California homeowners jumped last quarter to its highest level in more than fifteen years…” Just in time for the holidays – talk about a nice Christmas present.
According to Marshall Prentice, DataQuick’s President, “Foreclosure activity is closely tied to a decline in home values. With today’s depreciation, an increasing number of homeowners find themselves owing more on a property than it’s market value, setting the stage for default if there is a mortgage payment shock, a job loss or the owner needs to move.”
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