LA JOLLA, Calif. — First quarter statistics are out regarding California's mortgage market, and the news won't surprise anyone working in collections these days.
The Golden State experienced a record 47,171 foreclosures during the first three months of the year, four times as high as the same period last year, according to real estate tracking firm DataQuick Information Systems.
The 110,000 default notices sent out over the same period represent a staggering 143% increase over last year, and account for 1.4% of all California homes. Most of those loans originated from August 2005 to October 2006, DataQuick said.
DataQuick also delivered sobering projections regarding default notices: only 32% of those homes will successfully avoid foreclosure, down from 52% last year.
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