California foreclosures soar

This article was originally on a blog post platform and may be missing photos, graphics or links. See About archive blog posts.

A record number of homes were lost to foreclosure in California over the last three months. Foreclosures are up 228% from last year to a high of 79,511 homes.

MDA DataQuick reported that more homes were taken back by lenders in the three months ended Sept. 30 than at any time since the company started tracking foreclosures in 1992. In the previous three months, which also set a record, 63,316 homes were lost to foreclosure.

That’s a huge swing from an all-time low just three years ago of 637 in the second quarter of 2005.

-- William Heisel