California Breaks 90s Foreclosure Record; Another High For Sacramento

From DQNews:

Trustees Deeds recorded, or the actual loss of a home to foreclosure, totaled 17,408 during the second quarter. That is the highest number in DataQuick’s statistics, which go back to 1988. That was up 57.8 percent from 11,032 for the previous quarter, and up 799.2 percent from 1,936 for last year’s second quarter. The prior peak of foreclosure sales was 15,418 in third-quarter 1996....
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Roughly half, 54.6 percent, of the homeowners in default emerge from the foreclosure process by bringing their payments current, refinancing, or selling the home and paying off what they owe. A year ago it was 88.0 percent.

From Bloomberg:

The number of defaults resulting in foreclosures is the highest since DataQuick began keeping records. The previous high was in early 1994, when about 30 percent of defaults resulted in foreclosures, Karevoll said.
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Homeowners received 53,943 default notices, more than double the 20,909 filed a year ago....Last quarter's default level was the highest since the fourth quarter of 1996, when 54,045 notices were recorded in California...The number of default notices sent to homeowners in California...has averaged 34,172 quarterly since DataQuick...began tracking the data in 1992.

From the LA Times:

When the increase in housing stock over the last decade is taken into account, foreclosures are running roughly equal with the 1996 peak.
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"We're clearly in for a worse third quarter and an even worse fourth quarter," said John Karevoll, chief analyst at DataQuick Information Systems, which compiled the data.
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Karevoll said the default numbers reflected a wide regional disparity. They were at record levels in Riverside, Contra Costa, Sacramento and most Central Valley counties, where many of the state's first-time buyers live.

From the Sacramento Bee:

Sacramento County, with 1,662 foreclosures and 3,840 notices of default, had the region's greatest share of foreclosure related activity.

"It's like that book, 'The Perfect Storm,'" said Sacramento real estate agent Carey Covey, a specialist in marketing homes repossessed by banks. "All the factors have come together to create this situation."

Sacramento County:

• Notices of Default (NOD) Year-over-Year Change: +184%
  
• Foreclosures Year-over-Year Change: +850%
  

Placer County:

• NODs: +127%
  
• Foreclosures: +659%

Yolo County:

• NODs: +201%
  
• Foreclosures: +10,200%

El Dorado County:

• NODs: +158%
  
• Foreclosures: +2,125%