This is Not Alarming?

DataQuick released the quarterly foreclosure data for Southern California earlier today - here's the breakdown by county:

That's a lot of three digit percent increases.

You can look up population data by county for California at the Census Bureau - based on the 2005 population estimates, Riverside County appears to be the most distressed area in Southern California. San Bernardino is not far behind.

From the news release:

Most of the loans that went into default last quarter were originated between January 2005 and February 2006. The median age was 15 months.

On primary mortgages, homeowners were a median five months behind on their payments when the lender started the default process. The borrowers owed a median $10,555 on a median $324,000 mortgage.

On lines of credit, homeowners were a median six months behind on their payments. Borrowers owed a median $3,582 on a median $60,000 credit line. However the amount of the credit line that was actually in use cannot be determined from public records.

Here's the chart from the LA Times story discussed earlier today. Remember, there are still lots of adjustable rate mortgages due to reset this year.Also from earlier today:

"So far, this isn't alarming," said John Karevoll, chief analyst at DataQuick Information Systems, which compiled the data. But if default notices "keep going up at this rate, it could get nasty fast," he added.

Again, what about this data is not alarming?