The squatters are coming!
All five major metropolitan statistical areas showed November mortgage default rate increases. Los Angeles saw the largest increase, jumping to 2.53% in November from 2.15% in October. The rate in Miami rose to 4.47% from 4.16%.
That's a 20% increase in the default rate in one month. Nationally this is a slight increase, but their might be a another correction for the Los Angeles / Orange County metro area. This could be, in part, BofA increasing the number of foreclosures in the area. BofA needs cash, so they are starting to move out their inventory.