Home Foreclosures hit new records. up 126% national, 228% in California

[Liberal_in_LA]

http://www.latimes.com/business/la-fi-foreclose24-2008oct24,0,1349817.story


Home foreclosures hit record high in California
Over the last three months, 79,511 homes were taken back by lenders, up 228% from last year. Experts predict the number will continue to rise.
By William Heisel
10:11 AM PDT, October 23, 2008

A record number of homes were lost to foreclosure in California over the last three months, 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 two years ago of 637 in the second quarter of 2005.


Nationally, RealtyTrac Inc. reported that the number of homes being repossessed was up 126% over the last three months, totaling 250,091 homes from July to September. The five states with the most foreclosures were California, Florida, Michigan, Arizona and Texas.