The Number Of Californians Entering Foreclosure Surges 19% In The Third Quarter

Posted By on October 26, 2010

Fresh data shows the number of California homes entering foreclosure jumped nearly 19% in the third quarter from the previous quarter.  It’s the first time the Golden State has logged an increase in the key measure since hitting a peak early last year.

Californians were a median five months behind on their mortgages when their lenders filed a default notice and owed a median $15,516 in missed payments.

Interestingly, banks were trying to sell foreclosed properties to people who will actually live in them. Bank of America and Wells Fargo, as well as mortgage titans Fannie Mae and Freddie Mac, have instituted policies that allow offers from people who will live in the homes to trump offers from investors.

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