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Tuesday, July 24, 2007

Record Foreclosures in California

by Calculated Risk on 7/24/2007 11:34:00 AM

From Mathew Padilla at the O.C. Register reporting on DataQuick numbers:

There were 17,408 foreclosures in the Golden State in the second quarter — that’s the highest quarterly total since DataQuick began tracking them in 1988. It surpassed the previous high point of 15,418 foreclosures in the third quarter of 1996.
Notices of default, the first stage of foreclosure, totaled 53,943 in the second quarter, the highest since late 1996.
DataQuick reported 46,670 Notice of Defaults (NODs) in Q1.

California Notice of Defaults (NODs)Click on graph for larger image.

This graph shows the NODs filed in California since 1988. For 2007, the number is estimated at twice the NODs for the first half of 2007. This estimate is probably low, since the housing market appears to be deteriorating rapidly in California.

UPDATE: Here is the DataQuick press release: California Foreclosure Activity Continues to Rise