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Peter Maclennan
Commercial Mortgage Lender for Owens Financial Group a California based hard money portfolio lender.
phone: (925) 280-5388
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The LA Times is reporting that a Record number of California homeowners default on mortgages in 2nd quarter.
Year over year the actual number of homes being foreclosed on has increased 261%. The percent increase is dramatic. However the total number is only 63,061.
Based upon the U.S. Census Bureau Data California had 13,174,378 household units and 56.9% of those are owner-occupied. If these statistics are correct, there are 7,496,221 owner-occupied homes.
Though the increase is dramatic, the total number is still a small percentage of the total owner-occupied homes. This means that at most 0.84% of the owner-occupied homes are being foreclosed upon, or 8.4 out of 1,000.
However, my statistics do not breakout condos or home that were owned by speculators or investors. Many investors will stop making payments on their investment before they will stop making payments on their own home.
Likely, a lower percentage of owner-occupied homes are being foreclosed upon. A larger number are likely investor and speculator homes that were bought during the run-up in the real estate market.
Does the small increase from last quarter to this quarter signal that the damage is coming to an end? My crystal ball is broken. We will just have to batten down the hatches and ride out the storm.
July 23rd, 2008 at 5:19 pm
This is pretty shocking. I think a lot of banks are in for it next. If they don’t get the money for the mortgages then there is not much to keep them afloat.