By Lori Weisberg and Roger Showley of UNION-TRIBUNE
- 3,666: First quarter 2008
- 2,296: Fourth quarter 2007
- 1,182: First quarter 2007
Of the 7.9 million homes and condos in California, 47,171 went into foreclosure and 113,676 default notices were issued during the year’s first quarter. In the last real estate downturn, the highest quarterly foreclosure count was 15,418 in the third quarter of 1996.
Most of the loans that went into default originated between August 2005 and October 2006.
- Owners throughout the state were typically five months behind in their payments when lenders started the default process. The cumulative missed payments was a median $11,474 on a mortgage of $346,750.
Lenders took back the homes of struggling San Diego County homeowners in record numbers during the first quarter, a trend that real estate analysts suspect is likely to continue through much of the year.
Read more on March Numbers Fall from February.
Tags: bank owned, buying houses, buying real estate, entry-level home, First-time buyers, foreclosure tour bus, Foreclosures, homes, housing loans, loan limits, mortgages, real estate, real estate for sale, reo, san diego foreclosures, san diego homes, San Diego real estate, san diego real estate market, selling houses
