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A blog about the economy and the Sacramento-area real estate market.

June 5, 2008
California, Florida driving nation's record-setting foreclosures

The Mortgage Brokers Association reports more dreary record-setting foreclosure numbers during the first quarter of 2008 in a press release issued just minutes ago.

  Says an MBA official: California, Florida, Arizona and Nevada accounted for 89 percent of foreclosure starts in the U.S.

"The problem of foreclosure in California and Florida is extraordinary," said MBA's Jay Brinkman.

"Clearly the issues of foreclosures in California and Florida will get worse before they get better," he added.

Brinkman said the common denominator of most foreclosure problems is new subdivisions.

Brinkman said California, Florida, Arizona and Nevada had 49 percent of all subprime adjustable-rate mortgage foreclosures - and a stunning 91 percent of the increase in the nation's subprime ARM foreclosures during Jan., Feb. and March.

 It's clear evidence that the nation's mortgage crisis is clearly concentrated in a few states.

Indeed, Brinkman says numbers are stabilizing in many other states - and that foreclosure starts have actually dropped in 20 states.

But hardly here.





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