Foreclosures Up In Sacramento And State

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(Sacramento, CA)
Tuesday, July 24, 2007

Analysts with DataQuick Information Systems say the numbers are way up. 

"We saw foreclosure activity reach record levels across the Sacramento region." 

DataQuick’s Andrew LePage says foreclosures between April and June were up 892% compared with the same period last year. Statewide they were up 800%. Notices of default were up 175% locally compared with 158% statewide.

LePage says we can expect to see more of the same in coming months. 

"We still don’t see evidence that we’ve reached a peak or a plateau in foreclosure activity here or across the state." 

In recent months, the mortgage industry has been rocked by defaults and foreclosures, primarily driven by borrowers with subprime loans and adjustable rate mortgages.