Calif. foreclosures inch up.La Jolla La Jolla (lə hoi`yə), on the Pacific Ocean, S Calif., an uninc. district within the confines of San Diego; founded 1869. The beautiful ocean beaches, in particular La Jolla shores and Black's Beach, and sea-washed caves attract visitors and , CA.--(BUSINESS WIRE)--June 19, 1995--Foreclosure activity in California edged up unexpectedly in May, a real estate information service reported. Lending institutions started foreclosure foreclosure Legal proceeding by which a borrower's rights to a mortgaged property may be extinguished if the borrower fails to live up to the obligations agreed to in the loan contract. proceedings on 11,169 homes last month. That was up 12.6 percent from 9,918 in April and up 10.0 percent from 10,155 for May a year ago, DataQuick Information Systems reported. Current default levels are near a previous peak that occurred two years ago when 12,054 homes entered the foreclosure process in June 1993. The current foreclosure uptick Uptick A transaction occurring at price above its previous transaction. In order for an uptick to occur, a transaction price must be followed by an increased transaction price. was most noticeable in the Central Valley and in San Bernardino San Bernardino, city, United States San Bernardino (săn bûr'nədē`nō), city (1990 pop. 164,164), seat of San Bernardino co., S Calif., at the foot of the San Bernardino Mts.; inc. 1854. County, both of which saw almost 30 percent year-over-year increases. "While this may reflect a genuine increase in the number of financially distressed homeowners, I think it's more likely that some lending institutions are shifting policies back to the way they handled foreclosures a year or two ago," said Donald L. Cohn, DataQuick CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "During the past two years, lenders have been increasingly willing to work with distressed homeowners, making accommodations in payment schedules or accepting short sales. I think some of them have now decided to go back to the formal foreclosure process again," he said. DataQuick monitors real estate purchasing, financing and default activity nationwide and provides information to consumers, lending institutions, title companies and industry analysts. On a house-by-house basis, Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, still has the nastiest foreclosure problem, especially in entry-level markets that saw a lot of low downpayment buying activity during the 1989-1991 sales surge, DataQuick reported. Foreclosure properties are an increasing drag on Verb 1. drag on - last unnecessarily long drag out last, endure - persist for a specified period of time; "The bad weather lasted for three days" 2. prices in the region. Homes that have been foreclosed on are selling for around eighty percent of what other homes are selling for. A year ago it was around ninety percent. Around the rest of the state, it's currently around ninety percent. -0- Eds: Numbers are available for most individual counties. For more information call John Karevoll (909) 867-9534 CONTACT: John Karevoll, 909/867-9534 |
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