California Foreclosures Up in 4th-Q

Foreclosures in CA hit a 20-year high during the 4th-Q of 2007, a real estate research firm reported. DataQuick Information Systems said 31,676 homes ended up in foreclosure during the 4th-Q, the highest number since it began tracking such numbers in 1988. The foreclosure figure is a 30.8% increase from the previous quarter and a 421.2 % jump from 6,078 foreclosures in the same the 4th-Q of 2006. Homeowners received 81,550 default notices during the quarter, up 12.4% from the previous quarter and more than 114% from the year-ago 4th-Q. DataQuick said the default figure was the highest since it began recording those totals in '92. DataQuick said the median amount of the primary home loans in default was $340,000 while the median amount homeowners fell behind was $11,121.