Reply #12: down the road from us, in Sacramento [View All]

(Glad to see your post, UC. I was wondering when you would have more "juicy" statistics for us to contemplate.)

Defaults in the lower Sacramento valley are up:

Mortgage default notices are rising
Sacramento, Placer and Sutter counties show big increases in quarter.
By Jim Wasserman -- Bee Staff Writer
Published 12:01 am PDT Thursday, August 3, 2006
Story appeared in Business section, Page D1


More people across the state and capital region are on a track to lose their homes after missing at least two consecutive mortgage payments during April, May and June than during the same months a year ago, according to figures released Wednesday.

Research firm DataQuick Information Systems of La Jolla said Sutter, Placer and Sacramento counties showed some of California's biggest increases in pre-foreclosure activity during the three-month period, while El Dorado County had one of the lowest quarterly increases.


The property researcher attributed the rise in default notices -- documents filed with the county recorder's office when homeowners miss at least two consecutive mortgage payments -- to slowing home appreciation that makes it harder for people behind on mortgages to sell their residences and pay off lenders. That has led to an increase in desperate homeowners seeking a financial way out.

more at (registration required)
http://www.sacbee.com/content/business/story/14286219p-15102771c.html
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I saw a "price reduced" sign on Hwy 20 today. And local title offices have been laying off staff. The slide has begun.