About Government Refinance and Home Purchase Programs

Information and Updates on Government Mortgage Programs
Filed under Government Mortgage Financing Programs News

A recent Reuters story reported that California broke a foreclosure record in the third quarter of 2003:

SAN FRANCISCO (Reuters) – Mortgage lenders launched more than 70,000 foreclosure proceedings in California in the third quarter, marking a record for the state, where many housing markets are slumping amid mortgage market turmoil, according to a report released on Friday.

Mortgage lenders filed 72,571 notices of default against delinquent borrowers from July through September, up 34.5 percent from the prior quarter and 166.6 percent from a year earlier, according to the report by DataQuick Information Systems, a La Jolla, California-based real estate information service.

California’s third-quarter default level topped the state’s previous peak of 61,541 in the first quarter of 1996, reflecting a surge in mortgage borrowers failing to keep up with loan payments.

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