My post on the housing market coming apart in Los Angeles got a lot of links and comments. I’m going to keep the discussion going… check out this story from the LA Daily News:
Foreclosure activity across California soared by its biggest margin in 14 years during the second quarter in response to diminishing price appreciation, but still remained well below average levels, an industry tracker said Wednesday.
And in another sign that the housing market boom is over, mortgage applications last week sank to their lowest level in four years.
During the April-through-June period, lenders sent 20,752 default notices to homeowners in the state, up 67.2 percent from the year-ago period and up 10.5 percent from the first quarter, said DataQuick Information Systems.
That’s the biggest annual quarterly increase since La Jolla-based DataQuick began mining these numbers in 1992.
Activity peaked in the first quarter of 1996, when 59,897 defaults were filed and hit a low of 12,145 notices during the third quarter of 2004.
Last quarter’s total was the highest since 25,511 notices were filed in first-quarter 2003.
Despite the yearly surge, the second-quarter total remained well below the quarterly average of 32,762 default notices, DataQuick said.