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