California Home-Loan Default Numbers Set Record
October 27th, 2007Via: San Jose Mercury News:
A record number of California homeowners entered the foreclosure process in the third quarter, a real estate information service reported today, showing the effects of loose mortgage lending standards, falling home values and slumping sales.
Statewide, mortgage companies sent 72,571 notices of default to borrowers last quarter, according to DataQuick Information Systems, which collects the data from public records. That total easily exceeded the previous record, set in the first quarter of 1996, of 61,541 notices sent.
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