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Calif. Notices Of Default Increase By 55 Percent

Audio

Aired 9/15/11

California saw a big jump last month in the number of homeowners who got a default notice – which is usually the precursor to a foreclosure.

California saw a big jump last month in the number of homeowners who got a default notice – which is usually the precursor to a foreclosure.

Daren Blomquist with research firm RealtyTrac said notices of default increased by 55 percent between July and August.

“That’s the biggest month-over-month increase we’ve seen going all the way back to January 2009,” said Blomquist. “The banks have been taking longer to push delinquent properties into foreclosure. But this is a clear signal that some of those delayed foreclosures are being pushed through.”

Blomquist said the delay followed allegations that some banks rushed through the foreclosure process without proper verification.

The 55 percent increase helped keep California’s foreclosure rate second highest among all states in August. One in every 226 California housing units had a foreclosure filing last month.

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