Thread: Calif default notices down 44% in 2Q, 3 year low

Calif default notices fall to 3-year low in 2Q

By The Associated Press
Wednesday, July 21, 2010 at 9:38 a.m.

SAN DIEGO — A research firm reports mortgage default notices in California are at their lowest levels in three years after a fifth-straight quarterly decline.

MDA DataQuick said Wednesday there were just over 70,000 default notices filed in California from April through June. That's down nearly 44 percent from more than 124,000 during the same period last year.

The latest tally is down nearly 14 percent from about 81,000 default notices filed from January through March and marks the lowest level since the second quarter of 2007. The peak was in the first quarter of 2009.

The San Diego-based firm says the biggest drops were in less expensive markets, which were hammered by foreclosures in the last two years.

http://www.signonsandiego.com/news/2010 ... low-in-2q/

Originally Posted by JohnDoe2

MDA DataQuick said Wednesday there were just over 70,000 default notices filed in California from April through June. That's down nearly 44 percent from more than 124,000 during the same period last year.

http://www.signonsandiego.com/news/2010 ... low-in-2q/

JUST OVER 70,000 NOTICES!

What am I missing here? 70,000 notices in any state other than California would make national headlines tomorrow morning.

70,000 mortgage defaults and California is celebrating?

Originally Posted by HAPPY2BME

Originally Posted by JohnDoe2

MDA DataQuick said Wednesday there were just over 70,000 default notices filed in California from April through June. That's down nearly 44 percent from more than 124,000 during the same period last year.

http://www.signonsandiego.com/news/2010 ... low-in-2q/

JUST OVER 70,000 NOTICES!

What am I missing here? 70,000 notices in any state other than California would make national headlines tomorrow morning.

70,000 mortgage defaults and California is celebrating?

CA. has the largest population in the country so they have more of everything.

That's down nearly 44 percent from more than 124,000 during the same period last year.

A drop of 44% is a big move in the right direction, in any state.

Originally Posted by JohnDoe2

A drop of 44% is a big move in the right direction, in any state.

=======================================

What would be interesting to see is how many people are living in FORECLOSED houses, and how long they have been living there.

I know for a fact in California there are thousands of foreclosures where the banks won't evict simply because the houses won't sell and would be vandalized resulting in the properties would becoming UNSELLABLE!

So the banks allow these people to 'SQUAT' in their own houses.

Originally Posted by HAPPY2BME

Originally Posted by JohnDoe2

A drop of 44% is a big move in the right direction, in any state.

=======================================

What would be interesting to see is how many people are living in FORECLOSED houses, and how long they have been living there.

I know for a fact in California there are thousands of foreclosures where the banks won't evict simply because the houses won't sell and would be vandalized resulting in the properties would becoming UNSELLABLE!

So the banks allow these people to 'SQUAT' in their own houses.

It's not just CA., it's every state. And they don't "SQUAT", they pay rent.

A lease-back proposal for foreclosed homeowners
Congress ... It would also allow banks to negotiate rent / option-to-purchase ... inventory and preserve the physical condition of foreclosed properties," which ...

http://www.latimes.com/classified/reale ... 8337.story

Why California is BROKE - Bell, CA admin $787,637 salary!

http://www.alipac.us/ftopict-206764.html

BELL, Calif.-- Three administrators whose huge salaries sparked outrage in this small blue-collar suburb of Los Angeles have agreed to resign, the City Council said Friday.

Council members emerged from an hours-long closed session at midnight Friday and announced that they'd accepted the resignations of Chief Administrative Officer Robert Rizzo, Assistant City Manager Angela Spaccia and Police Chief Randy Adams.

Rizzo was the highest paid at $787,637 a year -- nearly twice the pay of President Barack Obama -- for overseeing one of the poorest towns in Los Angeles County.

Spaccia makes $376,288 a year and Adams earns $457,000, 50 percent more than Los Angeles Police Chief Charlie Beck.

The three will not receive severance packages, the Los Angeles Times reported Friday. Rizzo will step down at the end of August and Spaccia will leave at the end of September. Adams will also leave at the end of August, after completing an evaluation of the police department, the Times said.

"I'm happy that they resigned but I'm disappointed at the pension that they're going to receive," said Ali Saleh, a member of the Bell Association to Stop the Abuse or BASTA.

Rizzo would be entitled to a state pension of more than $650,000 a year for life, according to calculations made by the Times. That would make Rizzo, 56, the highest-paid retiree in the state pension system.

Adams could get more than $411,000 a year.

Spaccia, 51, could be eligible for as much as $250,000 a year when she reaches 55, though the figure is less precise than for the other two officials, the Times said