Play Live Radio
Next Up:
0:00
0:00
Available On Air Stations
Watch Live

CA Foreclosures on the Rise

More Californians are running into trouble with their home loans. A real estate tracking firm says mortgage default notices jumped dramatically last year. KPBS Reporter Ed Joyce has details.

CA Foreclosures on the Rise

More Californians are running into trouble with their home loans. A real estate tracking firm says mortgage default notices jumped dramatically last year. KPBS Reporter Ed Joyce has details.

San Diego-based DataQuick Information Systems says foreclosure activity in the state is at its the highest level in more than eight years. John Karevoll is an analyst with DataQuick. Karevoll says more than 3,000 San Diego County homeowners received default notices at the end of last year.

Advertisement

Karevoll: We expected this increase here. This has mostly to do with the fact that home values are not increasing at the rate they were.”

Karevoll says there are two indicators that determine how bad it’ll get. 

Karevoll: To what degree will these defaults end up in foreclosures and to what degree will these foreclosure properties be a drag on the market. And we’re way off any dangerous numbers for that kind of activity.”

Karevoll says people who bought homes recently are most at risk for losing their homes.

Ed Joyce, KPBS News.