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California Foreclosures Sore to Highest Level in 20 Years

Foreclosure activity hit a record high in California in spring.  Banks foreclosed on more than 63,000 properties in April May and June.  That's the highest number of foreclosures since 1988. 

John Karevoll works for San Diego's Dataquick Information Systems .  He says there is some hopeful news in the latest numbers.  Karevoll says the number of default notices issued in the second quarter was not much higher than the first quarter.   
Karevoll: We may well be near a plateau when it comes to default activity and foreclosure activity, if the economy isn't in a strong recession.
Karevoll says the majority of the troubled loans were issued at the peak of the housing boom in 2005 and 2006.  He says there are more troubled mortgages out there and that'll continue to drive the record wave of defaults and foreclosures.

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