The number of California homes lost to foreclosure in the first quarter
surged 327% from year-ago levels -- reaching an average of more than 500
foreclosures per day -- DataQuick said in a re****t, warning that the
widening foreclosure problem could "spread beyond the current categories
of
dicey mortgages, and into mainstream home loans."
DataQuick president Marshall Prentice: "The main factor behind this
foreclosure surge remains the decline in home values. Additionally, a lot
of
the 'loans-gone-wild' activity happened in late 2005 and 2006 and that's
working its way through the system. The big 'if' right now is whether or
not
the economy is in recession. If it is, the foreclosure problem could
spread
beyond the current categories of dicey mortgages, and into mainstream home
loans."
"Sinking home values and the collapse of flimsy mortgages sent a record
number of California homes into the foreclosure process in the first three
months of this year, a real estate information service re****ted today."
Default notices -- which mark the beginning of the foreclosure process --
increased sharply, but not as rapidly as outright foreclosures. From
Bloomberg News: "California mortgage defaults more than doubled in the
first
quarter to the highest in 15 years as a drop in sales and prices prevented
some homeowners from selling their properties to pay debt, DataQuick
Information Systems said.
More: "Homeowners received 113,676 default notices in the first quarter,
up
143 percent from a year ago, La Jolla, California- based DataQuick said
today in a statement. The level was the highest since at least 1992, when
DataQuick's statistics begin."
Read more:
http://latimesblogs.latimes.com/laland/2008/04/california-fo-1.html
People have to actually show the banks they can afford the loan these days
&
produce a down payment. It is a real shame...... for Bush sup****ters,
hahahaha.
Southern California is the most bubble-ified market in the country!
They've
got years of declining sales prices ahead. Anyone buying now is insane.
Check this out:
http://www.doctorhousingbubble.com/real-homes-of-genius-special-edition-take-6-6-southern-california-counties-6-real-homes-of-genius-going-back-to-1984-prices
I am on to their game.
This is only one of the steps being taken to establish an aristocracy
based on money in our country. Other steps, of course, are the lowering of
the capital gains taxes, which only benefit those who have enough income
to
invest beyond their retirement sheltered tax deferred earnings and the
abolition of federal inheritance taxes which will only benefit heirs to
very, very large estates. John Adams and Thomas Jefferson are beyond doubt
turning over in their graves. I posted some excerpts of letters that Adams
and Jefferson exchanged in 1813 on the issue of aristocracy. They did away
with primogeniture and other institutions and traditions that had
sustained
the aristocracy of their time in England and the U.S., but they could not
foresee the lengths that today's would-be aristocrats are going to to
establish an inherited aristocracy in our time.
wreck the economy, concentrate wealth further, swoop in on bargains, yep -
the republican / nazi / neocon wet dream.
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