During the first quarter of 2008…from January to March…lenders sent homeowners nearly 6,898 default notices. That’s up 113% from the same period last year. The numbers come from DataQuick – a real estate research firm.
DataQuick’s Andrew LePage says the number could get even higher later this year.
"If we’re heading into a recession or we’re in a recession, depending on how long and how deep it is, all bets are off in terms of when we’ve seen the worst of these foreclosure numbers."
LePage says foreclosures accounted for between a quarter and a half of the homes sold in the Sacramento area between January and March.
Statewide, foreclosures in the first quarter of this year were up 143 from the same period last year…and up nearly 40% from the last three months of 2007.