Saturday, February 18, 2006

Forclosure Activity Rising

According to the California Association of Realtors, the number of mortgage default notices sent to California homeowners increased during the fourth quarter of 2005, rising 19 percent from third quarter. Lending institutions sent default notices to nearly 15,000 homeowners between Oct. 1 and Dec. 31, up 15.6 percent when compared with the 12,978 default notices sent during the same period one year earlier. Declining home appreciation rates impacted the rise in default activity during the fourth quarter, according to the report.

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