California Foreclosure Activity Up 38 Percent in First Quarter of 2008

“RealtyStore, (www.RealtyStore.com) the nation’s leading provider of foreclosure listings, released its quarterly California Foreclosure Report for January, February, and March 2008.

The RealtyStore Quarterly California Foreclosure Report covers all counties and provides the total number of Notices of Default (NODs) statewide.

RealtyStore recorded 116,644 Notices of Default (NODs) statewide for Q1 2008. This was a 38% jump from those recorded in Q4 2007. An NOD is filed by the lending institution when a homeowner falls behind on mortgage payments. When analyzed regionally, NODs provide important information about which homeowners have home loans they cannot afford. California was subdivided into five regions: Southern California, the Bay Area, the Central Coast, the Central Valley and Northern California. All regions encountered double digit increases in Q1 defaults. Southern California (+ 52%), the Bay Area (+26%) and the Central Coast (+39%) were the hardest hit by the foreclosure crisis.”

California Foreclosure Activity Up 38 Percent in First Quarter of 2008