California Foreclosures Reach RECORD NUMBER! - No End in Sight
Michael Moberg
Contra Costa County, with 1160 homeowners losing their homes to foreclosure in the third quarter 2007, experienced an increase of 874% compared to the same quarter last year; Alameda County experienced an increase of 486% with 674 homeowners losing their homes to foreclosure during the third quarter 2007. 495 Solano County homeowners lost their homes to foreclosure in the third quarter 2007 where 686% more homeowners lost their homes than in the third quarter 2006; 410 homeowners in Santa Clara County lost their homes in the same time period, an increase of 704% compared with 2006.
"More ominously, default notices, the first step in the foreclosure process, were growing more rapidly" statewide. 72,500 notices of default were sent out in the third period 2007, an increase of 166% from the third quarter 2006 and an increase of 34% from the second period 2007. DataQuick analyst Andrew LePage told the San Francisco Chronicle writer Carolyn Said, "There is no sign that we are close to turning the corner"; the level of foreclosures "is continuing to build and building even faster."
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