SAN FRANCISCO (KCBS/AP) -- More than 120,000 notices of default were mailed to California home owners in the second quarter of this year, up 125 percent from the second quarter of 2007.
Default is the first step before a home is foreclosed. In all, the real estate information service Data Quick said, some 63,061 homes were lost to foreclosure in the second quarter, the most in any quarter since 1988 when the firm began tracking foreclosures.
The default rate indicates that some borrowers were late on payments on more than one home loan, such as a home equity line of credit.
Dataquick analysts blamed the rise of both numbers on the current drop in home values and problems in the sub-prime mortgage industry.
The six Bay Area counties saw 18,000 foreclosures this past quarter, more than twice as many as there were last year during the same period of time.
Mortgage defaults have been on the rise statewide since fall 2005, coinciding with the start of a slowdown in sales and a decline in home prices.
(jro/clo)
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KCBS' Susan Kennedy reports
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