djc
04-22-2008, 03:47 PM
LA JOLLA, Calif. -- Foreclosure proceedings against California homeowners jumped by more than 140 percent in the first quarter compared to a year ago, the result of risky loans during boom times, a real estate research firm said Tuesday.
La Jolla-based DataQuick Information Systems said loans that went into default originated between August 2005 and October 2006. DataQuick said the market was shaking off its "'loans-gone-wild' activity" during that time.
The median age of a defaulted loan was 23 months.
Lenders sent homeowners 113,676 default notices from January through March, up 143.1 percent from 46,760 during the same period of 2007 and up 39.4 percent from 81,550 during the last three months of 2007.
The first quarter numbers marked the highest foreclosure level since DataQuick began keeping track in 1992.
La Jolla-based DataQuick Information Systems said loans that went into default originated between August 2005 and October 2006. DataQuick said the market was shaking off its "'loans-gone-wild' activity" during that time.
The median age of a defaulted loan was 23 months.
Lenders sent homeowners 113,676 default notices from January through March, up 143.1 percent from 46,760 during the same period of 2007 and up 39.4 percent from 81,550 during the last three months of 2007.
The first quarter numbers marked the highest foreclosure level since DataQuick began keeping track in 1992.