Current Housing Indicators |
| CURRENT | PREVIOUS | ||
| Existing Home Sales | 4.49m | ▼ | 4.74m |
| New Home Sales | 309,000 | ▼ | 344,000 |
| Housing Starts | 583,000 | ▲ | 477,000 |
| Building Permits | 547,000 | ▲ | 531,000 |
| HMI | 9 | UNCH | 9 |
| Existing Home Prices | $170,300 | ▼ (annually) | $199,800 |
| New Home Prices | $201,100 | ▼ (annually) | $232,400 |
More Videos
#DIANAOLICK ON TWITTER
- Under Pressure, FHA Skews to Wealthier Home Buyers
- Huge Spike in Home Prices Is Not Real
- Investor Caution: Beware of Heat in Distressed Housing
- Foreclosures Move East as Hardest-Hit Markets Clear
- Foreclosures Fall...And That's a Bad Thing?
- After a Dip, Homebuilder Sentiment Surges Again
- Obama’s ‘Responsible’ Reno Homeowners: Are They?
- Mortgage Market Still Hampers Housing Recovery
- Bank of America Offers Principal Reductions to 200,000 Homeowners
- Short Sales: Necessary Compromise or Scamming the System?
MOST SHARED
- Greece to Leave Euro Zone on June 18: Wealth Manager
- European Firms Plan for Greek Unrest and Euro Exit
- Banks Recapitalization Is a 'Necessary Evil': Strategist
- Euro Rallies as Greece's Pro-Bailout Parties Gain Favor
- Italy 2-Year Borrowing Costs at Peak Since December
- Blair Says Feared Provoking British Media Wrath
- Europe’s Stronger Powers Must Reveal Plans: Ex-BoE Official
- Oil and Gas Sectors Power Aveva Profit Lift
- Newedge to Leave Greek Stock Market
- How Boaz Weinstein and Hedge Funds Outsmarted JPMorgan
- A New Look at the ‘New Poor’
- Six Pack: Beer Buzz of the Week
- Greek Exit Could Trigger 50% Fall in Euro Stocks: Analyst
- Under Pressure, FHA Skews to Wealthier Home Buyers
- Big Stock Upside for Hudson City Deal: Analyst
- 5 High-Yield Stocks Ready to Boost Dividends
- Yoshikami: Four Things You Need to Know About Gold Now
- Steinbock: The Euro Zone Endgame Begins
- Option Bulls Take Another Shot on Idenix
- Public Pensions Faulted for Bets on Rosy Returns
- Will the Euro Misery Give Rise to Another Soros?
- Greece to Leave Euro Zone on June 18: Wealth Manager
- Italy 2-Year Borrowing Costs at Peak Since December
- Euro Bond Wins Supporters, but Details Remain Vague
- German, UK Bond Yields Will Go Even Lower
- Labor Board Member Resigns Over Leak to GOP Allies
- Banks Recapitalization Is a 'Necessary Evil': Strategist
- Loan Scheme Launches for Youth Business Start-Ups
RSS FEED
Realty Check
Text Size 
California Foreclosures Are Back With A Vengeance
 |
AP |
Okay, it wasn't exactly gone, but maybe just on hiatus thanks to a new state law that went into effect last fall. That law requires lenders to take additional steps to keep troubled borrowers in their homes. Then of course there were various bank and Fannie [FNM
Loading...
()
] / Freddie [FRE
Loading...
()
] moratoria on foreclosures.
Today DataQuick reports "lenders filed a record number of mortgage default notices against California during the first three months of this year, the result of the recession and of lenders playing catch-up after a temporary lull in foreclosure activity."
Default notices surged 80 percnet from 75,230 for the prior quarter to 135,431 notices in Q1 2009. That's also up 19 percent from the first quarter of 2008. This is a new all-time high for any quarter in DataQuick's statistics, which go back to 1992.
Now you may say, well, these are default notices, not foreclosures, and we've got that great Making Homes Affordable adminstration plan all ready to help all these folks. I'm wondering just how they're going to handle these folks, let alone help them. According to DataQuick, the bulk of the loans were originated in late 2006, at the very height and most desperate frenzy of the housing boom, when lenders were trying to get everyone and their brother into a new loan. I wonder how many of those loans are now so far underwater, given the huge home price declines in California, that no modification is going to help.
Questions? Comments?
Data is a real-time snapshot *Data is delayed at least 15 minutes
