Second Mortgage San Diego
Default notices increase
A growing number of homeowners in the Bay Area and throughout California fell behind on their mortgage payments in the second quarter.
In the Bay Area, 2,910 homeowners received default notices from their lenders for the April-to-June quarter, up 37.1 percent from 2,123 notices in the same quarter a year ago, according to DataQuick, a La Jolla (San Diego County) real estate research company. That increase is the highest since the first quarter of 2001, when there was a 46.5 percent rise.
The swell was bigger statewide as 20,752 default notices were sent out -- up 67.2 percent from the same quarter in 2005 and the highest increase for any quarter since DataQuick began tracking foreclosures 14 years ago.
The default notices, filed by lenders with county recorder offices, mark the first step in the foreclosure process, which usually takes about nine months to complete.
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Mortgage defaults double in Sacramento county
Sacramento and Placer counties were among five California counties in which mortgage defaults more than doubled in the second quarter.
Statewide, default notices hit a three-year high, up more than 67 percent compared with the same period last year, a report said Wednesday.
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