Califoreclosure
October 26th, 2007 by 
reality
Dataquick reports record foreclosures in California:
A total of 72,571 Notices of Default (NoDs) were filed during the July-to-September period, up 34.5 percent from 53,943 during the previous quarter, and up 166.6 percent from 27,218 in third-quarter 2006, according to DataQuick Information Systems of La Jolla.
Last quarter’s default level passed the previous peak of 61,541 reached in first-quarter 1996. A low of 12,417 was reached in third-quarter 2004. An average of 34,781 NoDs have been filed quarterly since 1992, when DataQuick’s NoD statistics begin.
Realtor Jim observes that, in San Diego, the rising daily rate of addition to bank owned properties (REOs), 38-40, is converging with the falling daily rate of MLS sales - 58 so far in October.
Oh and the ABX indexes appear to be in free-fall. 18 of 20 indexes made new all-time lows today. The 06-1 AAA and AA were the exception , but they are both falling fast. 15 of 24 CMBX (commercial mortgage-backed) also made new lows today.
Posted in Fixed Income, Real Estate | 
October 26th, 2007 at 1:11 pm
I guess none of this matters when mozilo can still talk up countrywide 32% in a day. Amazing that man has any shred of credibility left. I’m beginning to think it’s better to go long gold than short financials; regulators have no shame in debasing the dollar to bail out banks.
October 26th, 2007 at 9:06 pm
this is a really horrible thought, but homebuilders must be thinking those fires in san diego were a gift from above.
they have finally found buyers for houses.
now they just need to find a place to get a loan; easier said than done.
October 27th, 2007 at 5:11 am
I doubt it. They would still own the land and now they’d have to build another house to sell the land. Insurance would only cover the structure.