According to the Register's article there were 647 homes that went through foreclosure and that is quadruple from last year. That is scary as foreclosures only tripled from 88-91. The only thing is according to the articles below there was 1396 total in 1991 and through half the year in 92 there was 1264. If we are some where near 647 by July then we know what is to come. The article today also says we are approaching levels not seen since 92. More like 90 but if it keeps going like this we should be there soon.
Foreclosures soar, home-loan terms ease Combination spells danger for lenders July 24, 1992
Byline: Ronald Campbell
The Orange County RegisterThe Orange County Register
Foreclosures nearly tripled in Southern California from 1988 to 1991, according to a new study.
Despite growing risks, however, mortgage lenders are requiring smaller down payments from homebuyers, TRW Redi Property Data reported Thursday. The combination of easy terms and common foreclosures could haunt lenders if the recession deepens. "I don't think the worst is over yet," TRW market analyst Nima Nattagh said.
Foreclosure rate could double in OC this year August 21, 1992
Byline: Rob Perez;Andre Mouchard
The Orange County RegisterThe Orange County Register
Foreclosures could more than double in Orange County this year. And communities with the highest number of troubled properties also are those with the highest mortgage debt, according to a recent study by TRW/REDI Property Data in Riverside.
During the first half of this year, there were 1,264
foreclosures in Orange County. By comparison, there were 1,396 foreclosures in the county during all of 1991.
Tuesday, January 23, 2007
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The foreclosure numbers are indeed scary. The percentage increases always sound more dramatic than reality though. When coming off an extended period of below normal foreclosure rates, even a reversion to the mean would look bad.
I would be interested to see the percentage of homes in foreclosure as related to the total number of homes in the market. The raw numbers can be greater than 1992 but still be at a lower percentage rate. When the percentages are higher, the raw numbers will be much higher, and then we will have something to talk about.
At the rate foreclosures are increasing, it looks like we may hit new records in 2007. This is earlier than even most bears would have predicted.
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