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The California foreclosure picture continues to get worse as reported by DataQuick and Matthew Padilla at the OC Register:
There were 17,408 foreclosures in the Golden State in the second quarter â?? thatâ??s the highest quarterly total since DataQuick began tracking them in 1988. It surpassed the previous high point of 15,418 foreclosures in the third quarter of 1996.
And the second-quarter figure was up 58% from the first quarter and nearly nine times greater than the second quarter of 2006.
Countrywide is feeling the effects of those foreclosures as it revised earnings estimates downward in an announcement this morning. Countrywide is currently carrying 2,117 foreclosed properties worth $796.6 million in California alone.
Last 3 posts by Morgan
- Subprime Bananas - June 28th, 2009
- Roubini: No confidence in government exit strategy - June 24th, 2009
- Goldman bonuses largest in firm's 140-year history - June 21st, 2009
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