Foreclosures at 20 year high
Foreclosures in California soared in the second quarter to the highest level in at least 20 years, as many homeowners who bought at the height of the housing boom were unable to make mortgage payments, a real estate research firm said Tuesday.AP in the Daily News.
In addition, the number of default notices - an indicator of possible future foreclosures - also jumped during the period between April and June, according to DataQuick Information Systems.
In all, 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.
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Los Angeles Daily News City Hall reporter Rick Orlov writes about politics on the local, state and national stage.
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