Foreclosure activity in California showed a year-over-year increase during the last quarter for the first time in more than three years, the result of lower appreciation rates and riskier loans, a real estate information service reported. Lending institutions sent default notices to 12,568 California homeowners during the July-to-September period, up 0.8 percent from 12,465 for the second quarter, and up 3.5 percent from 12,145 for last year's third quarter, according to DataQuick Information Systems. The last time default notices increased year-over-year was during first-quarter 2002 when the 30,225 count was up 5.2 percent from 28,724 a year earlier. Defaults peaked in 1996's first quarter at 59,897. Last year's third quarter was the low. DataQuick's default statistics go back to 1992. Click here to read more.
Foreclosures in the Bay Area dipped to their lowest level in 14 years during the third quarter. Lenders sent a total of 2,006 default notices to homeowners in the nine-county region during the three months that ended Sept. 30 -- down 13 percent from the year-ago period and 6 percent from the second quarter, the real estate information firm DataQuick reported Thursday. Brisk price increases across the Bay Area have helped keep foreclosures at rock-bottom levels, analysts said. As prices rise, even financially strapped borrowers can usually sell their homes at a profit. Click here to read more.
Long-term mortgage interest rates were scattered Thursday, and the benchmark 10-year Treasury bond yield dropped to 4.55 percent. The 30-year fixed-rate average rose to 5.73 percent, while the 15-year fixed-rate dipped to 5.28 percent. The 1-year adjustable was unchanged at 4.2 percent. The 30-year Treasury bond yield slippedd to 4.77 percent. Click here to read more.
~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
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Cell: 909-446-2666
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tina.jan@coldwellbanker.com
www.tinajan.com
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