January 22, 2008
According to the San Francisco Chronicle:
Lenders repossessed 84,375 California houses and condos in 2007, up more than sixfold from 12,672 in 2006.
In the fourth quarter, 31,676 residences in California were foreclosed upon. That was a 421.2 percent increase from 6,078 in the year-ago quarter.
In the Bay Area, a total of 11,530 homes were lost to foreclosure in 2007, almost seven times the 1,651 foreclosures in 2006. Contra Costa had the most foreclosures, with 4,003 residences repossessed--or 13.2 out of every 1,000 homes and condos. Smaller Solano County had a higher rate per residences, with 1,753 homes repossessed, representing 14.2 out of every 1,000 homes and condos.
For the fourth quarter, Bay Area foreclosures rose 482.5 percent to 4,573, compared with 785 in the year-ago quarter. Again, Contra Costa County, with 1,558 foreclosures, up 533.3 percent from a year ago, had the most homes repossessed, followed by Alameda County with 1,026 (a 514.4 percent increase) and Solano County with 704 (up 528.6 percent).
"It's getting worse," said Andrew LePage, an analyst with DataQuick. "Depreciation continues and makes it harder for more and more people when they fall behind in their payments to either sell or refinance their way out of trouble."
In California, 231 homes are being foreclosed on every single day.
|
|