Mortgage defaults at 2-year high in California
dailybreeze.com
Analysts say generally 5 percent of the recipients of such notices lose their homes to foreclosure.
By Alex Veiga
THE ASSOCIATED PRESS
In California, the most populous U.S. state, home sales fell 15 percent last month from a year earlier, according to the California Association of Realtors, while prices rose 13 percent, the smallest increase in 10 months.
"Home values are rising more slowly than they have been the past couple of years, which makes it more difficult for homeowners to sell their homes and pay off the lender,' DataQuick President Marshall Prentice said.
The San Francisco Bay Area had an 8.3 percent increase in defaults in the first quarter, while six Southern California counties, including Los Angeles and Orange, had a 33 percent rise, DataQuick said.
The counties that saw a more than 50 percent increase in the number of notices during the first quarter were Yuba, San Benito, Stanislaus, Placer, Monterey, Santa Cruz, Napa, Ventura, Riverside and San Diego. |
