I combined a couple of articles from two different newspapers on local foreclosures.
RIVERSIDE –Riverside County foreclosures increased more than 50 percent last month – and more than 300 percent compared to a year ago .
6,821 filings of mortgage default notices (NODs), auction sale notice (NOTs) and bank repossessions were recorded in the county in December, according to RealtyTrac. That’s a 55 percent increase over the 4,399 foreclosure filings reported in Riverside County during November.California recorded a total of 53,292 filings in December, a 33 percent increase over November.
Realtytrac reported a total of 481,392 properties, or approx 1.9 percent of households, had gone through a foreclosure action of some kind, RealtyTrac said. That was a 238 percent increase over 2006.
In Riverside County, approx 1 in 100 households received some form of foreclosure notice in December, the third highest number in the state. A big jump from November when 1 in 159 households got one. The county's foreclosure rate was up 302 percent from last year’s level of 1,698 filings, per RealtyTrac.
SAN BERNARDINO- Lenders filed close to 24,000 notices of default in 2007, up nearly 150% from 2006. 7,727 homeowners lost their homes through up nearly 720% from the previous year, according to DataQuick Information Systems.
During the real estate bubble prices of resale homes soared more than 167% from 2000 to 2005, according to DataQuick. But the mortgage meltdown alond with affordability problems and overbuilding have forced the housing market into a full correction.