The prosperous populous state of California in western USA runs along the Pacific Ocean. Yet today California foreclosure listings are causing concern. California has four of the largest cities in the country – Los Angeles, San Diego, San Jose and San Francisco. California is a many coloured rainbow with a varied climate, geography and diverse population. It is the third largest state in US cradling mountains, deserts, forests and valleys. The story of California Gold Rush of the mid 19th century is proverbial – all the more difficult to understand the California foreclosure listings that are grabbing the headlines today. The general economy of the state makes it ranks tenth in the world. Yet we hear of California foreclosure listings with the noise getting louder and louder. In the entertainment world California ranks first across the globe. This makes California foreclosure listings all the more baffling.
California foreclosure listings numbers have hit a all time record high during the first quarter of 2008. There were 110,000 notices sent out to defaulters. It was a rise of 143% in comparison to the first quarter of 2007. Only about 32% manage to save their houses but the others are gobbled up foreclosures. California foreclosure listings have become a plague stalking the streets ready to strike the unwary. DataQuick is one of the online firms giving reliable information about California foreclosure listings. If the country is really in recession then the number of California foreclosure listings will get worse.
The authorities at all levels – local, state and federal together with communities are desperately trying to stem the tide of California foreclosure listings. Nobody expected the tide to recede but most had hoped that foreclosures would ebb. But all hopes were belied when it came to be noted that in Los Angeles County the foreclosure listings was 130% higher in the first quarter of 2008 than what it was in during the same period of 2007. The default notices were 8,843 higher than the previous year. It does not speak well of California foreclosure listings. In Orange County the rise is up by 168% - the defaults being the highest in the state. 70% of these end up in foreclosures.
Eleven state Attorneys General have formed a group – State Foreclosure Prevention Working Group. The target is to bring down the number of California foreclosure listings. But they feel unhappy that despite all palliative measures 70% of those two months lagging in mortgage repayments are not being helped. It seems the fixers of California foreclosure listings are not really fixing it.