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Tuesday, December 20, 2011

Big Jump in defaults rates in Los Angeles in November

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.
Read it all

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