Foreclosure rate
California foreclosures soared to their highest level in more than a decade during the last quarter according to a recent report by DataQuick Information Systems.Lenders submitted 53,943 Notices of Default (NoDs) during the period from April to June, according to DataQuick, up 15.4 percent from 46,760 from the previous quarter, marking the highest level recorded since the fourth quarter of 1996 at 54,045 NoDs. Foreclosure notices topped out at 61,541 during the first quarter of 1996, but fell to 12,417 by the third quarter.
Banks foreclosed on 2,251 homes during April, May and June in the capital region. Most of the problem is in Sacramento where 1,662 owners lost their homes. Placer County recorded 220 foreclosures for the 3-month period and El Dorado County had the fewest with 89 for the quarter. I have seen it worse. During the first quarter of 1997 2,441 homes were foreclosed upon in Sacramento County. The worst quarter for El Dorado County was the second quarter of 1992 with 167 foreclosures and Placer County had 322 foreclosures during the first quarter of 1996.
While the number of foreclosures are significant and could get worst this market correction isn’t near as bad as the one we had in the 1990s. Considering the number of people and houses we had in our region between 1992 and 1996 and the increased population and number of homes we have today 15 years later. A better comparison would be the total number of foreclosures per number of homes or total number of defaults compared to the total number of loans.
Banks foreclosed on 2,251 homes during April, May and June in the capital region. Most of the problem is in Sacramento where 1,662 owners lost their homes. Placer County recorded 220 foreclosures for the 3-month period and El Dorado County had the fewest with 89 for the quarter. I have seen it worse. During the first quarter of 1997 2,441 homes were foreclosed upon in Sacramento County. The worst quarter for El Dorado County was the second quarter of 1992 with 167 foreclosures and Placer County had 322 foreclosures during the first quarter of 1996.
While the number of foreclosures are significant and could get worst this market correction isn’t near as bad as the one we had in the 1990s. Considering the number of people and houses we had in our region between 1992 and 1996 and the increased population and number of homes we have today 15 years later. A better comparison would be the total number of foreclosures per number of homes or total number of defaults compared to the total number of loans.
posted by Ken Calhoon at 7:32 AM
1 Comments:
Keep the good spin going Ken... this is going to get ugly with most of the resets coming later this year (how you can even say this current rate of foreclosures with be nothing is beyond me considering the huge reset coming in Aug. / Oct.). It has just started so we'll all look for a revised story in about 6 months. People are in denial but it won't last forever. My wife and I do fairly well financially (well above the median in Sacramento) and we would have trouble in this market. It's not going to last, it can't. We're in uncharted waters here. I guess some people are forever the optimists.
Enjoy the show and don't be surprised if you have a few angry clients in a year when the homes they've recently purchased are sinking like rocks in Lake Tahoe!
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