Wikinvest Wire

This is Not Alarming?

Wednesday, January 24, 2007

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?


Anonymous said...

Man, I knew Riverside and San Berdu were gonna have problems. It's all that "no-money down" crap that they been doing.

Anonymous said...

100% long gold and silver physical.
totally mobile and have vague plans of bugging out to Thailand.

there is no other rational response.

Anonymous said...

That is some sobering data, Tim.

And we're up to 14 lenders down at the Implode-O-Meter (!)

Anonymous said...

Good thing real estate never goes down in value. Suzanne told me!

Anonymous said...

My thoughts exactly. I still can't believe that quote. IMHO, it is SCREAMING an alarm!

Anonymous said...

"100% long gold and silver physical.
totally mobile and have vague plans of bugging out to Thailand.

Ditto! What part of Thailand are ya heading too?

Anonymous said...

Foreclosures surge 42 percent in 2006

One out of every 92 households filed for foreclosure in 2006

Anonymous said...

Yeah go for it, Thailand is a totally safe place to park your assets...

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