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California Defaults Lowest in Three Years
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You're Now Reading:
California Defaults Lowest in Three Years
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
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Receive Multiple Offers. Save Money.
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California Defaults Lowest in Three Years
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February 7, 2011 (Jeff Alan)
mortgage-happy-campers-image
DataQuick reports that during the fourth quarter of 2010, the number of homes in California going into foreclosure was at its lowest level in three years. During the three month period Notice of Defaults (NoDs)were down 16.2 percent from the previous quarter and down 17.5 percent from the fourth quarter of 2009.

The report revealed that a total 69,799 NoDs were reported in the quarter, which was the lowest since the second quarter of 2007.

However, the lowest end of the housing market continued to suffer the most. Homes in zip codes with 2010 median prices of $200,000 or less saw 11.3 default notices per 1,000 homes compared to homes in zip codes with median prices over $800,000 saw 2.8 default notices per 100 homes.

The statewide average for default notices per 1000 homes was 8.

Zip codes with a median price over $800,000 saw a 2 percent quarter to quarter increase in default notices but overall saw a 9.3 percent year over year decline.

“We don’t know how much of the decline is due to less household financial distress and how much is due to shifts in lender and mortgage servicer foreclosure policies,” said John Walsh, DataQuick president. “The level of default activity would certainly be higher if it weren’t for alternative strategies such as short sales or even lengthening grace periods.”

According to DataQuick, mortgages were least likely to go into default in San Francisco, Marin, and San Mateo counties. The probability was highest in Madera, San Joaquin, and Stanislaus counties, which is consistent with the historical norm.

Foreclosure sales continued to increase in the state also. Foreclosures accounted for 37.5 percent of all existing home sales last quarter up from 35.5% from the quarter before.

“The institutions that hold these loans in their portfolios will do whatever it takes to lessen their losses, including waiting. An additional factor is all the turbulence when it comes to the formalities of the foreclosure process,” Walsh added.

Tags: California, foreclosures, housing market, notice of default, home prices, default notices

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Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
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Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
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February 7, 2011 (Jeff Alan)
mortgage-happy-campers-image
DataQuick reports that during the fourth quarter of 2010, the number of homes in California going into foreclosure was at its lowest level in three years. During the three month period Notice of Defaults (NoDs)were down 16.2 percent from the previous quarter and down 17.5 percent from the fourth quarter of 2009.

The report revealed that a total 69,799 NoDs were reported in the quarter, which was the lowest since the second quarter of 2007.

However, the lowest end of the housing market continued to suffer the most. Homes in zip codes with 2010 median prices of $200,000 or less saw 11.3 default notices per 1,000 homes compared to homes in zip codes with median prices over $800,000 saw 2.8 default notices per 100 homes.

The statewide average for default notices per 1000 homes was 8.

Zip codes with a median price over $800,000 saw a 2 percent quarter to quarter increase in default notices but overall saw a 9.3 percent year over year decline.

“We don’t know how much of the decline is due to less household financial distress and how much is due to shifts in lender and mortgage servicer foreclosure policies,” said John Walsh, DataQuick president. “The level of default activity would certainly be higher if it weren’t for alternative strategies such as short sales or even lengthening grace periods.”

According to DataQuick, mortgages were least likely to go into default in San Francisco, Marin, and San Mateo counties. The probability was highest in Madera, San Joaquin, and Stanislaus counties, which is consistent with the historical norm.

Foreclosure sales continued to increase in the state also. Foreclosures accounted for 37.5 percent of all existing home sales last quarter up from 35.5% from the quarter before.

“The institutions that hold these loans in their portfolios will do whatever it takes to lessen their losses, including waiting. An additional factor is all the turbulence when it comes to the formalities of the foreclosure process,” Walsh added.

Tags: California, foreclosures, housing market, notice of default, home prices, default notices

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
LOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at LoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
LOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

February 7, 2011 (Jeff Alan)
mortgage-happy-campers-image
DataQuick reports that during the fourth quarter of 2010, the number of homes in California going into foreclosure was at its lowest level in three years. During the three month period Notice of Defaults (NoDs)were down 16.2 percent from the previous quarter and down 17.5 percent from the fourth quarter of 2009.

The report revealed that a total 69,799 NoDs were reported in the quarter, which was the lowest since the second quarter of 2007.

However, the lowest end of the housing market continued to suffer the most. Homes in zip codes with 2010 median prices of $200,000 or less saw 11.3 default notices per 1,000 homes compared to homes in zip codes with median prices over $800,000 saw 2.8 default notices per 100 homes.

The statewide average for default notices per 1000 homes was 8.

Zip codes with a median price over $800,000 saw a 2 percent quarter to quarter increase in default notices but overall saw a 9.3 percent year over year decline.

“We don’t know how much of the decline is due to less household financial distress and how much is due to shifts in lender and mortgage servicer foreclosure policies,” said John Walsh, DataQuick president. “The level of default activity would certainly be higher if it weren’t for alternative strategies such as short sales or even lengthening grace periods.”

According to DataQuick, mortgages were least likely to go into default in San Francisco, Marin, and San Mateo counties. The probability was highest in Madera, San Joaquin, and Stanislaus counties, which is consistent with the historical norm.

Foreclosure sales continued to increase in the state also. Foreclosures accounted for 37.5 percent of all existing home sales last quarter up from 35.5% from the quarter before.

“The institutions that hold these loans in their portfolios will do whatever it takes to lessen their losses, including waiting. An additional factor is all the turbulence when it comes to the formalities of the foreclosure process,” Walsh added.

Tags: California, foreclosures, housing market, notice of default, home prices, default notices

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
LOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.