Foreclosures, foreclosures

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Headlines from today’s DataQuick report on California foreclosures in the 3rd Quarter of ’07:
--Notices of default spiked by 144% in LA from 3Q 06 to 3Q 07, a slightly slower rate of increase than the statewide rise of 167%.
--The rise in actual loss of homes to foreclosure is pretty much the same in LA (up 578% from 3Q 06 to 3Q 07) as it is statewide (605%).
--The foreclosure ‘hot spots’ continues to be the Inland Empire and the Central Valley.
--Ominous trend: homeowners in default are much more likely to lose their homes than they were a year ago -- A year ago, only 19% of homeowners of homeowners in default were headed toward foreclosure; the rate is now estimated at 54%.

LATimes lede: ‘Foreclosures statewide were at an all-time high for the three months ended Sept. 30, after shattering a record level the previous quarter, the La Jolla firm DataQuick Information Services said.’

Reuters lede: Mortgage lenders launched more than 70,000 foreclosure proceedings in California in the third quarter, marking a record for the state, where many housing markets are slumping amid mortgage market turmoil, according to a report released on Friday.

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