Foreclosures Surpass Historical Average
"Foreclosure activity soared in Sonoma County at the end of 2006, the latest indicator of stress in the real estate market as more homeowners under financial distress face losing their houses."
"Foreclosure activity rises because households facing financial trouble may have more difficulty selling homes."
"The number of default notices lenders sent to Sonoma County homeowners more than doubled in the fourth quarter of 2006, compared with the same period in 2005, and was the highest in nearly a decade, according to DataQuick Information Systems."
"In the three-month period ending Dec. 31, lenders sent 323 default notices to Sonoma County homeowners, far surpassing the county’s historical average of 228."
posted by Athena @ 3:23 PM
4 Comments:
Well, the "good" news is that as foreclosures rise so will sales too, at least as far as DataQuick is concerned. :^
we will have to start deducting the numbers of foreclosures from the dataquick numbers each time they relase them. Thank goodness for realtytrac.com and foreclosure.com. they break them out pretty good... and we can just add each month's new FB's going under and remove them from DataQuick's sales figures.
this is just the very first surge im foreclosures.foreclosures take about 6 months,and the mortgage resets started in june 06.so we are seeing those with NO reserves first.as those who had some reserves use them up,and the Trillion dollars of resets due in 07 start to hit it will be truly horrific.the nolo press bankrupcy and divorce books will be selling at record rates,since these folks won't have the $ for attorneys.ouch.
A work colleague recommended your site, very informative.
www.secondmortgagessite.com
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