California foreclosure activity up (8.3% in last year, 13% in Q4 2005)

[Bush_Eats_Beef]

California foreclosure activity up
Silicon Valley/San Jose Business Journal - 2:43 PM PDT Tuesday

http://www.bizjournals.com/sanjose/stories/2006/05/01/daily29.html?f=et79&hbx=e_du

First-quarter foreclosure activity throughout the Bay Area and all of California rose to its highest level in more than two years as home price increases slowed, according to a report released Tuesday.

DataQuick Information Systems reported that 2,583 notices of default were filed in the nine-county region, an 8.3 percent increase over the same period last year and an almost 13 percent increase over the fourth quarter of 2005.

In Santa Clara County, there were 527 notices of default, a 5.4 percent increase over the year-ago period. In Monterey County there were 129 notices, a 63.3 percent increase. In San Mateo County, there were 186 notices -- one of the few places that saw a drop. In the year-ago period there were 188 notices.

Marshall Prentice, DataQuick president, said a number of factors are driving defaults higher. "Home values are rising more slowly than they have the past couple of years, which makes it more difficult for homeowners to sell their homes and pay off the lender."

[marmar]

1. It's only going to get worse...

We're in for a long, painful correction period.