The latest figures show that more than 500 California households have gone into foreclosure each day in the first quarter of 2008.
"The number of California homes lost to foreclosure in the first quarter surged 327% from year-ago levels -- reaching an average of more than 500 foreclosures per day -- DataQuick said in a report, warning that the widening foreclosure problem could "spread beyond the current categories of dicey mortgages, and into mainstream home loans."
From DataQuick's report on California foreclosures in the first three months of 2008: 'Trustees Deeds recorded, or the actual loss of a home to foreclosure, totaled 47,171 during the first quarter. ... Last quarter's total rose 48.9 percent from 31,676 in the previous quarter, and jumped 327.6 percent from 11,032 in first quarter 2007.' That translates into 517 foreclosures every day in the first quarter of 2008.
Despite well publicized federal efforts to reach out to homeowners in default, the odds that they will ultimately lose their homes appear to be increasing. DataQuick reports that, of the homeowners in default, "an estimated 32 percent emerge from the foreclosure process by bringing their payments current, refinancing, or selling the home and paying off what they owe. A year ago it was about 52 percent."
FULL STORY: California foreclosure "surge": Up 327% from '07 levels
Depopulation Patterns Get Weird
A recent ranking of “declining” cities heavily features some of the most expensive cities in the country — including New York City and a half-dozen in the San Francisco Bay Area.
California Exodus: Population Drops Below 39 Million
Never mind the 40 million that demographers predicted the Golden State would reach by 2018. The state's population dipped below 39 million to 38.965 million last July, according to Census data released in March, the lowest since 2015.
Chicago to Turn High-Rise Offices into Housing
Four commercial buildings in the Chicago Loop have been approved for redevelopment into housing in a bid to revitalize the city’s downtown post-pandemic.
Twin Cities Trains Move to Fewer Cars, Higher Frequency
Headways will drop from 15 minutes to 12 minutes.
DC Bikeshare System Breaks Ridership Record
Capital Bikeshare users took over 20,000 rides on one day in March.
EV Infrastructure Booming in Suburbs, Cities Lag Behind
A lack of access to charging infrastructure is holding back EV adoption in many US cities.
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