Tuesday, October 26, 2010

Number of Californians entering foreclosure rises 19% in third quarter

As this shadow inventory eventually gets put on the market, it will put pressure on home sales.  Also, questions on mortgage interest deduction and foreclosure gate will have some impact on demand. 
A total of 83,261 default notices were filed against California properties in the third quarter, the first formal step in the foreclosure process. Despite the uptick from the second quarter, the number was still down 25.5% from the same period last year and 38.5% off the peak reached in the first quarter of 2009, according to statistics from San Diego research firm MDA DataQuick.
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