home

California Home Foreclosures Skyrocket by Over 400 Percent

Wednesday, June 11, 2008 by: David Gutierrez, staff writer
Tags: home prices, health news, Natural News

eTrust Pro Certified

Most Viewed Articles
Popular on Facebook
BACK INTO THE CLOSET: Why U.S. reporters are not allowed to write about rainbow events in nations where being gay is still condemned
Depopulation test run? 75% of children who received vaccines in Mexican town now dead or hospitalized
A family destroyed: Six-month-old dies after clinic injects baby with 13 vaccines at once without mother's informed consent
Biologist explains how marijuana causes tumor cells to commit suicide
U2's Bono partners with Monsanto to destroy African agriculture with GMOs
Companies begin planting microchips under employees' skin
BAM! Chipotle goes 100% non-GMO; flatly rejecting the biotech industry and its toxic food ingredients
ECONOMIC SLAVERY FOR ALL: While we were distracted with the Confederate flag flap, Congress quietly forfeited our entire economic future via fast-track trade authority
NJ cops bust teenagers shoveling snow without a permit
Russia throws down the gauntlet: energy supply to Europe cut off; petrodollar abandoned as currency war escalates
McDonald's in global profit free fall as people everywhere increasingly reject chemically-altered toxic fast food
March Against Monsanto explodes globally... World citizens stage massive protests across 38 countries, 428 cities... mainstream media pretends it never happened
Chemotherapy kills cancer patients faster than no treatment at all
600 strains of an aerosolized thought control vaccine already tested on humans; deployed via air, food and water
Italian court rules mercury and aluminum in vaccines cause autism: US media continues total blackout of medical truth
The 21 curious questions we're never allowed to ask about vaccines
Vicious attack on Dr. Oz actually waged by biotech mafia; plot to destroy Oz launched after episode on glyphosate toxicity went viral
Orthorexia Nervosa - New mental disorder aimed at people who insist on eating a clean diet
Delicious
(NaturalNews) The number of California homes foreclosed on in the fourth quarter of 2007 was more than 400 percent higher than in the same quarter of 2006, according to DataQuick Information systems.

A total of 31,676 California homes were foreclosed in the last quarter of 2007, compared with only 6,078 in the fourth quarter of the year before. The total number of foreclosures in 2007 was 84,375, or more than six times the 2006 total of 12,672.

It was the most foreclosures since DataQuick began keeping records in 1988, and more than two times the previous high of 15,418 in the third quarter of 1996.

Mortgage default notices also hit a record, with 254,824 going out in 2007, compared with only 104,977 in 2006. The increase from the fourth quarter of 2006 to the same quarter of 2007 was 114.6 percent, from 37,994 to 81,550.

Default notices are also becoming more likely to go unheeded and turn into foreclosures. In 2006, 71 percent of homeowners were able to prevent foreclosure by catching up on their payments or refinancing or selling their homes. In 2007, only 41 percent could do so.

Falling housing prices have been blamed for the sudden jump in foreclosures.

"It's getting worse," said Andrew LePage of DataQuick. "Depreciation continues and makes it harder for more and more people when they fall behind in their payments to either sell or refinance their way out of trouble."

The situation is likely to keep getting worse, analysts say, because foreclosed homes are usually sold very cheaply, further driving down home prices and leading to still more foreclosures.

"More and more of these homes are getting dumped on the market," said Christopher Thornberg from the consulting firm Beacon Economics. "That puts more downward pressure on the market; that leads to even more people getting foreclosed on, and so on and so forth."

Join over four million monthly readers. Your privacy is protected. Unsubscribe at any time.
comments powered by Disqus
Take Action: Support NaturalNews.com by linking back to this article from your website

Permalink to this article:

Embed article link: (copy HTML code below):

Reprinting this article:
Non-commercial use OK, cite NaturalNews.com with clickable link.

Follow Natural News on Facebook, Twitter, Google Plus, and Pinterest

Colloidal Silver

Advertise with NaturalNews...

Support NaturalNews Sponsors:

Advertise with NaturalNews...

GET SHOW DETAILS
+ a FREE GIFT

Sign up for the FREE Natural News Email Newsletter

Receive breaking news on GMOs, vaccines, fluoride, radiation protection, natural cures, food safety alerts and interviews with the world's top experts on natural health and more.

Join over 7 million monthly readers of NaturalNews.com, the internet's No. 1 natural health news site. (Source: Alexa.com)

Your email address *

Please enter the code you see above*

No Thanks

Already have it and love it!

Natural News supports and helps fund these organizations:

* Required. Once you click submit, we will send you an email asking you to confirm your free registration. Your privacy is assured and your information is kept confidential. You may unsubscribe at anytime.