Friday, October 26, 2007

Foreclosure numbers go through the roof

Foreclosure numbers are multiplying like cockroaches. Last quarter 3462 homes were lost to the bank in Riverside county. That’s up an astounding 624% from 3rd quarter last year. The total number for California hit a new record at 24,209. The old record was set in the last downturn when 15,418 homes were lost in the 3rd quarter on 1996. That beats the old record by nearly 60%. If this were a sports event they’d call that a rout!

Notices of default were sent to a shocking 69,000 people. A NOD is the nastygram the bank sends you when you stop paying the mortgage. It usually takes between 3 and 6 months of non-payment before you get the NOD. In the past 80% of people would fix things either by selling the home, refinancing or making the payments current somehow. That’s not the case today however. Now only about 45% of the people are able to take care of the NOD. The rest of them end up in foreclosure. If you do some math that means next quarters foreclosure number should be some where near 38,000 (55% of the 69,000 will lose their homes).

Here are the 3rd quarter numbers by county
County... ...... 2006.......... 2007.......... % change
LA .............535..............3627..............578%
Orange... .....179..............1280..............615%
Riverside......478..............3462..............624%
San Berdu.....232..............2255..............872%
San Diego.....453..............2157..............376%

4 comments:

nmoerbeek said...

I was wondering where you were looking at buying

Im looking at
Chino Hills
Chino
San Dimas
Walnut
Brea
Fullerton
Yorba Linda

How about yourself? Do you have any suggestions for a good place to raise a little family.

curtadams said...

IMO the best place to raise a family is - close to where you work. Time spent with your family is more important than the size of your yard. But that's just me.

golfer_X said...

My wife works in Riverside and both our families live out there so I will probably be looking to stay in Riverside or Corona. It is nice not to have much of a commute BUT jobs change and unless you move house every time you move jobs then finding a nice area is the most important thing. I really like the Temecula area but it's just too far from work for both of us.

workhard said...

YOu have put up some good info here..


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