New data from First American CoreLogic shows mortgage delinquencies climbing in June, with both California and Los Angeles posting default rates of about 10%. Yes, a staggering one out of 10 mortgage holders in Los Angeles County and California missed enough mortgage payments to receive a notice of default.
Default notices are the first stage in the foreclosure process. In June, Los Angeles County defaults rose to 9.9% of mortgage holders, from 9.5% in May. That's nearly double the 5.2% Los Angeles default level in June 2008.
Statewide, 9.5% of California mortgage holders were in default, up from 9.2% in May and 5.8% in June 2008.
http://latimesblogs.latimes.com/laland/2009/07/one-in-ten-california-la-homeowners-in-default.html
