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California Mortgage Defaults Hit 10-Year Highby Aaron JohnsonBankNet360.com Apr. 18, 2007 |
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 In California, mortgage defaults reached a 10-year high in the first quarter, largely spurred by people who either took out equity or bought homes in the past two years. Default notices were sent to 46,760 homeowners in the first three months of 2007, according to DataQuick Information Systems. The figure is more than double the 18,856 sent during the same period a year ago, and a 23% increase from the fourth quarter of 2006. Most of the mortgage loans that went into default this past quarter were taken out between April 2005 and May 2006, DataQuick said. Defaults were last this high in the second quarter of 1997, when 47,912 were recorded. 
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